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Seeing as the final few holdouts from the initial CANSLIM breakouts are
taking it on the chin - as in EMC, SUNW and the failures are sinking deeper
into the core of the Earth - as in Intel, ORCl - I venture forth to say
there are some scary looking correlation charts floating around the web re
current action in Nasdaq with 1987, the heavy short interest in SnP with
similar price/commercials action in Soybeans, of all things...
Noting that Crude now trades 20% below doomsday scenario but stock markets
still "sluggish" - read as an euphemism for "longs losing $$".
Noting that nothing is setting up by way of new leadership groups. Its all
stock-specific where stocks don't have textbook earnings growth criteria
(translation: Value over Growth?).
That universe, too, just got smaller.
I guess the COT commercial S&P shorts were right after all... just early, as
they say about big trades gone wrong but that right themselves.
Noting that I'm not rushing out to cover my shorts - but thinking about a
DELL with a 20 handle and a 30 handle PE? or a Microsoft with a 50 handle
and a 30 handle PE? - both growing > GE which has a 50 handle - oops - 60
handle and a 40 handle PE...
Noting YHOO break down from base after base - and noting when tweaked to Log
scales and appropriate screen lookback lengths, that CSCO, AOL, QCOM, RFMD -
and more - are all charts of the same feather....
Still a market of buying the few stragglers going up (as in UTX) or shorting
the apples falling from the sky - no pun-ishment intended.
Just saying hello after a weeklong silence.
Wondering how everyone's managing this market. Esp cycle/swing/date-based
traders v/s trend based traders.
Gitanshu
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