Harrington pegs the Dow's range at 10,800 to 11,300 and the Nasdaq's at 2,050 to 2,300. Some market watchers remained cautious. There's fear heading into the pre-announcement period. I still think we're a long way from having cured our problems. We haven't solved the earnings comparison issues and just don't know what the next quarters will look like.
Overhead supply remains daunting.
The major averages have fallen below their breakout levels, which is signal of weakness. However, the recent pullbacks have begun to alleviate the overbought conditions and have reduced surging investor confidence. Volume checked in at 1.14 billion on the NYSE and at 1.83 billion on the Nasdaq Stock Market. Market breadth was modestly higher, with winners taking out losers by 18 to 12 on the NYSE and by 23 to 16 on the Nasdaq. Individual stock action Hardware stocks showed some signs of recovery Thursday.