OT re EMC:
Am I confident? No. Am I sure this is a double bottom? No, not until I see the bounce. Yes, it closed fractionally below 50. Close enough to the previous lows, it'll look like a "W", if we bounce from here. If I get that bounce, I'll do nothing. If the slide continues, then the chart is telling me I was wrong. I'll sell (hopefully for a small loss), and wait till it looks like support might be reforming. Today sure had the feel of capitulation for the big-cap techs. The mood came as close as I've seen yet to "giving up". Lots of them closed just above, or just below, the January lows. It's amazing that nobody wants to buy these quality growth stocks, when they loved them at prices three to five times higher not so long ago. What has changed about the longterm prospects for AMAT, CSCO, EMC, TXN, etc.? Nothing.
AMAT is holding up very well, compared to the other big-cap techs, still nowhere close to the previous lows, and that is worrying me (the relative strength), making me more likely to cover my short and go long sooner rather than later. |
