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Ira
You say the market looks like a disaster, then point out the facts that
suggest, well, it isn't really a disaster!
None of the major indices has taken out even its February low yet, so
you are quite right that we haven't produced a major downturn. Yet.
To me, the market is sliding down a wall of optimism (or whatever the
reverse of climbing a wall of worry is). Stocks with good news go up,
but stocks with bad news go down harder. The earning cycle of next week
will be decisive, in my view, in setting the emotional environment for
the next few months. Quick attention to outperformers will slowly lose
out to the realization that business overall just isn't that good, and
isn't going to get better soon.
I also see this jiving with Ben's bounce next week, followed by further
declines as the truth sets in.
JMHO
DanG
Ira Tunik wrote:
>
> 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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