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All,
I still don't have a 100% clear signal from the market, but I sure am
getting a lot of hints to the down side <G>. During the week, the DJI
(which represents the blue chips) and the NYA (which represents the overall
market for the larger cap stocks) both broke through the bottom of their
Horizontal Channels (HC) for a Trader Vic type sell confirmation signal.
The SPX is sitting right on the bottom of its HC. Complicating the picture
is that while the NASD, NDX, OEX, and RUT pulled back, they are all still
within their channels. Looking at my portfolio I was stopped out of ABT,
DELL and INTC Thursday and closed those positions late yesterday afternoon.
At the time I closed them I noticed that PKD was trading below my stop and I
closed it also. AMKR was also below my stop, but looked like it was trying
to come back so I didn't close it. However, AMKR didn't make it back above
my stop, so I'll close it Monday. That will leave me with positions in AG,
AMZN, CSCO, PSFT, and TGLO and almost 50% cash.
The question is what should I do now? My answer is nothing <G>. When
I have mixed signals like this I don't enter any new positions and I watch
my stops closely. If we do turn back up the Internets and the High Techs
will probably lead the way. The High Techs took their hits this last week,
but the Internets did look like they were trying to turn up Friday. I'm
going to watch those sectors closely for my early clues of which way to go
next, but will just wait for now.
See the charts at my web site. Note the new URL is:
http://www.geocities.com/jimginva/
JimG
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