|
PureBytes Links
Trading Reference Links
|
Hello All,
As for the last three days, this is a little update I send out more or
less daily from our trading desk internally and externally to our
clients. Since I am not sure this format fits into the RT forum (some
have complained in private) and to avoid unnecessary cross posting
anyway, I will publish it fron now on only on
http://www.egroups.com/group/serenity-trading/. For those who wish, you
can either join the group there (don't worry, it averages about 50 mails
a month) or I can just add you on the direct distribution list.
Have a great week end,
Gwenn
NASDAQ: Buyers were swamped again, on bad news here, good news there.
People take advantage of any liquidity to unload, and any piece of news,
whatever it is, is used in that sense. Volume was lower than wednesday,
which may also be a reflection of the fewer buyers present. Not very
encouraging. With a 3 day week end and employment figures coming up next
week, nothing much positive to expect unfortunately short term.
Thereafter, this backlog of sales will have to be cleared one way or the
other, usually it ends up in capitulation.
DOW: Relatively unharmed so far, the index might come under pressure
near term. Screening through several hundred stock charts, old econmoy
stocks still look much less compelling than tech stocks fro m a trend
following point of view. Also, before throwing out all the tech jewels
to raise cash, portfolio managers may also take some profits in the
other SP stocks. So far, the DOW is forming a diamond pattern over the
last 12 moths, which is a distribution pattern. Should the economy slow
down too much as a result of too much FED tightening, this could lead us
20% lower. If Greenspan manages to ease his grip in time, than the
current pattern can also become a nice base for the next big lap.
US ECONOMY: Cyclical stocks first and now financial and brokerage stocks
as well are taking it on the chin. The market's perception is hence
quite clear: the economy IS slowing, and maybe more than we wished for.
At least, we are getting further and further from the overheating mode
of the Q1.
MICROSOFT: Time's up. Judge Jackson has ostensibly heard enough and is
aiming for as quick a "remedy" as possible. MSFT has halved so far from
the highs, back to 1998 highs. If this doesn't suffice, next target is
50. Lots of negative press at the moment also on the products, due to
their insufficient intrinsic security flaws not adapted to the net
world.
AMAZON: Nice chart: If it breaks its neck at 40, target 20 maybe 10.
DEUTSCHE BANK: Heavy selling by Goldman: Downgrade in sight after being
downgraded itself???
|