Barry,
I've been bullish for about a week, and have suffered for it <g>. Not today!
MHO, all disclaimers, I think we will retest the old highs sometime next week, although we are overdue for a down day or two before hand. For many months the Nasdaq had outperformed the DOW on an equivalent point basis, now it is pretty much a wash as the Dow has caught up, I think a good sign, a more balanced market. Certain techs look very good approaching but not at new highs, at the same time that all the indexes are approaching their highs, at the same time the long bond rates approach below 6%. IF (big IF) we can get through those milestones, things look very good.
At the same time I worry that Intel is not trading at all well recently (CPQ also). Today looked like distribution. It could be large mutual funds selling, not all bad because when it comes to an end the only thing left is buyers. I will feel more comfortable when we get past earning warning season.
All in all, I agree things look very good, and if Intel lags, when if catches up it will do it with a vengence.
John |
