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Looking at the daily chart, I have a target price of 980 +/- in the
Sept. E-Mini. This price level should act as temporary support at this
time and allow for a retracement. This does not mean a bull market,
just a relief of the downside pressure on this part of the market.
There are stocks that are trading at yearly highs and if you were
trading those stocks you would wonder where the bear market is. In the
rush to increase the volatility of their particular indexes the
exchanges added tech to their indexes and they surely got the volatility
they were looking for. To bad it is in the wrong direction. Look what
would have happened to those indexes if they had a couple of HMO or
health care stocks instead of the big tech. stocks. Just some thoughts
on the current level of thought in this industry. Please don't blame the
messenger. Ira.
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