Larry, what does Hal see? Here's what I'm thinking for the next day or two:
- My, what big down volume you have today, Grandma! Today is as violent a reversal bar as they come, huh: gap up, high *since 1995*, then close down almost ten percent from there? Yow!
- All the better to tempt new shorts with, my dear? It's about time for the Friday-Monday before-expiration swoon. It's a bell-curve sort of thing, of course; I think the big slam down to 55 (last time) was on a Tuesday.
- My trendline value is about 74 for tomorrow (just eyeballing).
- Post-tout'em depression. Three re-iterations today, and the Salomon Smith Barney toutfest is history as well.
- On the non-technical side: Nyah nyah, Kippy told the truth, Kippy told the truth! Any chance that we should read this as, "Um, the quarter's over, the year's over, we worked out the final numbers already, and, *cough*, uh..."
And in this corner, the bullish arguments, good for the next day or two only:
- Closed that big gap from three days ago. It's rare to see a gap filled without bouncing.
- They *hate* to close Fridays near any kind of low.
- Maybe *today or tomorrow* is the pre-expiration bottom.
- S.G. Cowen tech toutfest Sept. 13-16.
I'll be looking for a bounce early tomorrow morning, at the usual times, of course -- 10:00, 10:30 at the latest, and probably before it hits 74. In any event, they can jack it around two or three points either way (or both) tomorrow without spoiling The Scenario.
Wonder if Mona is complaining to Appleton that this week's reiteration out of Gruntal is gonna reek a little more than usual with Kipp spilling the beans today. "But Mona, as of tomorrow monring, that will be yesterday's news! Your reiteration will wash all that nastyness away! That's what a reiteration is *for*!" |
