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In a market that took no prisoners today there was an interesting event
that occurred. Out of the top volume leaders on the Nasdaq and the NYSE
here were the only up stocks. CPQ, AAPL, BRCD, BRCM, FLEX, MO, WM.
Basically one food stock, one bank and the rest high tech. Could the
bottom be in for the Hi-tech stocks. Where could the funds be running
to for safety now and what will the redemptions force them to do? In a
market that looks like a disaster, the Dow is still over 10,000, have we
seen the bottom or just the start of a big slide. Until 9500 is taken
out we are still in an uptrend, so there is more then 500 points that
can come out of this market and the direction will still be the same.
That means that there is still plenty to be made in either direction.
Good trading, Ira.
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