Nasdaq: Short Term and Intermediate term buy

Last night I pointed out conflicting studies. The Nasdaq 100 closing up 10 consecutive days argued for a close higher in the ST, while the DIA streak as well as BKX divergence with the S&P argued for a lower close on the NYSE and S&P. The markets today followed those expectations, with the S&P and NYSE closing down, while the nasdaq closed up.

With the NASDAQ 100 and the NASDAQ composite having closed up for the 11th consecutive day today, i thought it would be worth to look at historical performances of the composite after such occurrences. There have been 20 prior instances where the NASDAQ composite has closed up for 11 consecutive days. As you can see from the table below, in 18 out of the 20 (90%) cases the NASDAQ was trading higher at some point in the next 3 days. Also notable, is that the market was trading higher 18 out 20 (90%) of the time 4 weeks later.

Ticker	Date/Time	Streak	Close	PctChg N1	PctChg N2	PctChg N3	PctChg N10	PctChg N20
^IXIC	3/9/1971	11	104.41	-0.26	-0.14	0.09	0.67	3.02
^IXIC	4/12/1971	11	108.87	-0.02	0.19	0.75	2.08	1.18
^IXIC	12/14/1976	11	94.65	0.29	0.30	-0.01	1.73	1.45
^IXIC	11/18/1977	11	102.22	0.13	0.69	1.49	1.89	1.06
^IXIC	6/9/1978	11	124.41	-0.10	-0.14	0.08	-2.95	-4.04
^IXIC	8/8/1978	11	130.49	0.88	0.84	1.16	2.59	4.59
^IXIC	6/14/1979	11	136.02	0.17	-0.12	0.02	1.51	1.84
^IXIC	8/21/1979	11	147.99	0.51	0.77	0.95	-1.32	0.98
^IXIC	6/18/1980	11	157.19	-0.29	-0.43	-0.13	1.27	7.30
^IXIC	10/14/1980	11	199.02	0.21	-0.54	-0.89	-2.64	-0.62
^IXIC	1/22/1985	11	268.40	0.86	1.45	2.09	5.29	7.04
^IXIC	11/12/1985	11	304.40	-0.16	0.26	0.59	2.00	4.76
^IXIC	2/14/1986	11	350.20	0.63	0.54	0.83	2.74	5.65
^IXIC	1/15/1987	11	392.60	-0.69	0.00	-0.13	-0.41	4.23
^IXIC	6/17/1987	11	428.40	0.14	0.16	0.21	-0.91	1.12
^IXIC	2/24/1988	11	363.10	0.14	0.08	1.07	4.74	4.68
^IXIC	5/24/1990	11	458.30	-1.00	-0.17	0.11	0.57	0.22
^IXIC	2/6/1991	11	439.20	-0.96	-0.55	1.12	1.64	8.32
^IXIC	1/7/1992	11	602.29	1.33	2.91	2.23	0.43	4.77
^IXIC	9/20/1996	11	1,219.69	-0.67	-0.36	0.41	2.29	1.87
^IXIC	7/22/2009	11	1,926.38	0.00	0.00	0.00	0.00	0.00

This suggests that any dip over the next few days could result in a buying opportunity.