Donald,
Should you be guided by end-of-day, or by overall day?
end-of-day:
DOW was down (PG, G, MER especially - no particular news afaik)
but was able to rebound at end to hold 9000. Dow stocks closed off
lows, didn't make new intermediate lows.
AOL and internuts closed up: fearless speculation is still operative.
I was holding (painfuilly) a PG short and decided to cover at 87
after it didn't pierce the 86 level.
Overall day:
Semiconductors, tech IluvU stocks (MU, LU, CSCO, IBM) had a significant reversal and didn't recover from it. Market started higher but narrow, positive volume breadth, ended with negative volume breadth. We've broken the pattern (of closing on the best prices).
Merrill looks down:
iqc.com
Intermediate term forecast:
Choppy, sloppy big-cap market with a correction for tech stocks.
However the internut fringe will follow anything that glows and so
expect upside surprises from otherwise stodgey names as in the FDX example.
======================
Seasonal advisory: the dog performers of 1998 are getting sold off again this week and maybe next, final tax-loss sale pick up time.
Small caps dead until January. Maybe even better opp after 12/25. before 1/1/99. |
