Just finished studying my 100+ tech stocks and all I have to say is I feel really
sorry for all the new bagholders, cause this market EVERY stock in fact, is going
down HARD. EVERY stock I looked at except for 4 was utterly pathetic. 3 of the
4 stocks were totally out of hand to the upside. (The 4th was MSFT...it is strong, but
could still turn around). The 3 stocks that are out of control to the upside are
MTON,MSCC, and BRL. BRL looks like a good short. Anyway, H&S's everywhere,
negative TSV's, and almost all stocks look like they are going to lower fibs' 50's 61.8's
75's and even some 100's. A few actually made new lows like NUFO and TLAB. Some are
close to lows like JDSU and GLW. SUNW and CSCO aren't too far behind. The only stong
index BTK biotechs looks ready for a needed pullback, and the leader AMGN needs to break
it's trendline for it to do so I think. Anyway, shorting looks like the way to go.
Take your pick. Lots of H&S's and descending triangles out their with tons on
bearish engulfing candles too. The volume didn't matter much, since I believe the
selling will accelerate now, and we'll see some volume on the downside. As for monday,
I think we should pull back more and maybe even test 2150. This is a 65 point drop.
We may close near their maybe down 57 points for the day monday.
Lets see what happens. :) |
