More on charts, did sort of a rush analysis on Friday, looked at more but not much revealed.
Postives- some dow stocks look pretty good to run up some more. One interesting stock is WMT, which I have not looked at in past few days, but is on a tear, along with some other retailers.
Negatives- looked at five day charts and on many comp stocks looks like possible head and shoulders, but could be simple basing in light of Thursday.
When signals are mixed usually means choppy and sloopy and major MM and specilaists game playing. So buy on dips, short big spikes.
The big question is can we break 2100 (if we go back there and think we will by Tues if not later Monday) I see tons of resistence. However if Wall street does not already have the inside info on ibm and intc (which I am sure they do) earnings run could provide the spark needed. Guts tell me we might get pretty close.
Monday, possible follow thru on friday puke early on, unless there is some postive news (also mm will want to bring down the market in anticipation of intc run starting). Basing around 10:00-10:30, then depends on wall street illegal inside info, but I suspect we rally a bit, but a real sloopy rally until ?. Expect dow up on day a bit and COMP gain. Again becuase things look like they can break either way (and not a lot in either direction) action should be news driven. But overall intc should provide upside for the day. Unless market is awful and news bad, will definately be going long 10, or 1. Again do not forget mm will be trying to make market look bad to shake you and me out in anticipaton of INTC run. |
