LOL! I don't know about 2680 as solid support -- I thought that was 3000, er, I mean 2850. <G> I agree with your basic sense that we should be buying when there's blood running in the streets, though.
I'd feel so much better if they would take CSCO out and shoot it, just to clear the decks. It's being juiced day after day to give an impression of strength while the rest of the market, especially the networkers, is sold hard.
Other worries include the SOX, which could fall into the 500 range; the emerging panic in hot-money margin plays such as CIEN and ITWO; the fact that every intra-day "reversal" period (9:40, 9:50, 10:30, 11:00, 1:00, 2:00, 3:30) shows huge volume on the bid, which is immediately pulled away as soon as sellers come along to hit the bids.
I just can't get away from my overall bias about the market, which says that we need to see some apocalyptic bloodletting before the Nasdaq will see any committed buying. Until that happens, or some other all-clear sign appears, I'll settle for scalping a couple of thousand CSCO for a point or two every day. It's boring, but who needs excitement in this market? |
