All:A good day for the Dow but not the Nasdaq.
With the Dow up so many points, you would think that the
Nasdaq could have went up more than it did. But, again, as I
said yesterday we would have our one and two day bounces
with up closings. In spite of all this up and down business
for the last two days, we still haven't closed beyond even
what the high was for Tuesday's volatile day. Until we move
on out and some of these stocks make new highs, anything can
happen. IBM, even with all of its movement up here lately,is
still farther away from its previous top than it is from its
recent 45 plus bottom. Intel performed well late in the day
after looking like it might break down. Thus, it is not that
far from its all time high. MSFT continues to do okay. CSCO
was another matter as it looks like somebody either knows
something about its earnings or the biggies are trying to
shake the rest of the people out to scoop up its shares at
bargain basement prices. SUNW, although down, held fairly
well today. But, many other major tech stocks like CPQ,
DELL, HWP, etc did relatively nothing.
In conclusion, we go into tomorrow morning on an upward
roll, but with nothing absolutely proven yet. We are
entering the normally bullish period at the end of the month
and beginning of the next month. Now, it remains to be seen
whether this is going to hold true or be the once in a while
time that things go the opposite direction. Good trading.
Jack
jmac: I agree with you about being a seller of the 160s before any 155s. Many of you on this BB do not seem to understand that my concept of buying protective puts is not about making money or profits; it is about protecting what you have. As such, it is cheap insurance for Intel holders, whether Intel goes up big or it goes down big. Good trading. Jack |
