Judy; comparing notes...
CPQ and DELL look like they are completing a massive Head and Shoulders formation. If they break their necklines, which to me look like the perceived support of the panic sell-off two weeks ago, (CPQ's is what, 57~58 ?) then the next stop for CPQ is what, 45 ?
INTCW has perceived support at 49~51, where INTEL's P/E ~18.
CSCO is more difficult for me to read, Judy. There's some support at 80, and clearly support at 70. LU's next support appears to be around 77~78. Both CSCO and LU have made (apparent) tops on their weekly charts, but then again, they are so desirable ( at least, to me :-) as core portfolio holdings, that it is difficult for me to imagine them going south as COMS and ASND have recently done.
I understand what you say about "fundamentals overriding intermediate trend supports", but since I believe that the intermediate trend is DOWN, rather than UP, I see only resistance, not support. The only supports I see right now are the perceived supports established by the recent panic sell-off.
I would like to think that Wednesday will be a turnaround day for all the bellwethers, Judy. All my large-cap, long-term holdings are down 25% to 40% from seven weeks ago. Trading has been my only solace; but the cash I've generated is far less than the equity value I have lost.
How have you been doing, and what are your thoughts ?
-Steve |
