charts/trading Big day tomorrow with INTC duh. I think this rally may have a little more steam in the morning and beyond clueless from there. Long overnight.
On the plus side there has been a lot of very positive bop on all these stocks which are up so much in the last few days, with a nice MACD pattern. Street liked the beige book and if I recall this can have follow through. The Mccllean summation index looks better than it has in a while (although at a resitence point here, but plenty of room to go up after that.
I guess I am actually seeing more negatives than positives, but the last time I saw this and I though the market was going to puke the dow went up 200 points. Buyer beware. So on the negative side many stocks over extended, especially in the S&P, stochastics starting to make a crossing arc (not crossed by any means but leaning) bop has not been good on a lot of tech stocks (contrary to S&P stocks). Every stock in the world is at resitence.
I have been thinking when S&P hits 1175 we get a sell off. However I can look at charts and also say dow 11,000.
It would appear it could be a safe bet to short some S&P stocks. If INTC report is good they will migrate out of some of these. If INTC report bad, they still go down cause the market gets dragged down. That's about as big of a WAG as I make. Good INTC could also get these stocks through resistence, but right now I doubt it, but the market's strength has been a surprise to me beyng 10,200.
If INTC report is bad and there is time, equipment makers look like good shorts. I also may sit the INTC report out on the tech stock side. These market moves are just to fast to deal with lately. But still may get short if market looks like it hates INTC news. All reports making it sound like it should be good news. |
