It appears that the major indices are very close to a potential technical bottom -- they are at close to zero gains from 10/31/11 (DJI -0.92%, Nasdaq +0.38%, and S&P500 -0.55%). We can once again thank the European debt crisis and also thank the poor jobs report kicker on Friday for this development. Based on this, I'd expect the Mobile Application Index to start moving upwards in a consistent trend -- hopefully an upwards trend about as long as the downwards trend. Prediction: the Mobile Application Index gains next week.
The Mobile Application Index experienced a broad decline this week but not as sharp as in prior weeks, and not as sharp as you'd expect when compared to the major indices, so this indicates support for them. The big gainers from last week were the big losers this week.
Winners: NCTY +17.11%, AUGT +5.26%, VOCS +5.15%, COOL +1.92%
Losers: MITK (16.18)%, P (15.52)%, GLUU (9.53)%, VELT (9.13)%, EPOC (8.46)%, ROVI (6.79)%, COBR (1.12)%
Comparison: DJI (2.02)%, Nasdaq (1.12)%, S&P 500 (1.33)%, EEM (1.63)%, FONE (2.54)%
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