All: Well, today Intel may have bottomed temporarily. We
will see tomorrow if Intel can go to higher high while
maintaining higher low as well. Not anything goes straight
down or straight up forever - there are always some ripples
involved over a period of time. Hopefully, the selling
pressure was relieved enough today to allow for a good rally
carrying on through earnings release time. But, there are
many obstacles on the way there. The B2B this month will be
the first one under the world wide system. The unemployment
report coming out a week from tomorrow will have its impact
on the markets, one way or the other. And, we are in that
season that various stocks will start reporting their
anticipated shortfalls in earnings as well. But, again, I
believe we have made a temporary (at least) turn here today.
Tomorrow, we will know for sure. We have to beat 132 early
to put that in place. My supports put on last night are
still valid.
Meanwhile, the Nasdaq sold off and broke through its 1275
support but was able to climb back up through it. The S&P
continues to have its problems. The Dow, understandably,
held up the best by the close - as the high quality big caps
usually do under these circumstances.
So, in conclusion I have some hope for tomorrow - at least
early. Thereafter, it will depend on how the MMs want to
play things out during this period. I would think that we
would have one more pullback in the days ahead to test and
set a minor bottom in here somewhere. It could come as early
as later tomorrow or early next week. For Intel and the
markets to go continuously straight up from here to new all
time highs would be unusual and indicate enormous strength
of the markets. All for this evening. Watch the gaps and
watch for higher highs and lows to key on.
ADDED: Jmac, I wasn't mad about anything. You are entitled to your opinion just like the rest of us. I really did have a family emergency but it was resolved. The MMs gapped Intel again today and brought it back through. One more time my gap technique worked. And, this scenario today was the up and down one - but the MMs brought Intel up a couple times with a lower low in between. Ah, this is what makes it fun. And, Intel of course broke out of the pattern the day before and today broke it all to pieces. But, it could still get back in there higher as the trendline is sloping upward. Probably beyond 134 would be the safest assumption that it is back into it, with the 132 high of today needing to be surpassed.
Good trading. Jack
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