Charts, gee I am not sure where to post this, oh well since I am usually writing to myself, here's as good as anywhere.
Techs show all the signs of another broken rally, but for some reason I do not want to believe it. The TA underpinnings of the MSFT pop never looked to great, and the downside does not look too bad, well not as bad as it could.
Postives- Money stream ok, once set of stochastics I look at are still in up mode, another set actually looks good on many issues,bop not bad on some stocks, many stocks at decent support levels.
Negatives- Set of stochastics mentioned above which are still in up mode, but starting to bend, no cross yet but threating, MACD pretty much bad on all stocks, heading down, candelsticks indicate we just topped, chart formations look bearish (unless we have tea cups forming), ma's starting to cross (not good at all),bop not good on some stocks (mixed as noted above and not good on the COMP), TSV not too bad (but not great).
Now the old Mcclellan summation index at another recent low today, but not negative in terms of BOP, and bop actually up a hair, MACD stable (did not go down today), stochastics could be at a bottom here,TSV technically postively divergent short term and negative long term, and very very important MA's crossed to the upside, and also important, it's hanging nowhere, little support. Call it very mixed, something is up, not sure what, want to say it wants to go up, but not sure, and does not make much sense at the moment to go up.
So a little more mixed than I would like, but mostly negative. Still keep stubornly thinking we are supposed to rally into INTC, IBM, and MSFT earnings. If we do not the street already knows what they are, and we puke hard.
Long IBM overnight (I think short term mistake, but was up on the trade at close, keep thinking it goes to 110). Really not sure on action, broken rally, slightly negative technicals, vs, earnings run, but will try to go with the flow. Probably sell off follow thru on sell off early and then we see if we rally from 10:-10:30, or if we get one later. Have a little fear in getting short, just guts telling me that, no reason other than earnings run, and probably not a bad idea in pre market. |
