Ian, the turnips say : "When the TA and the FA do not jive, believe the TA". The FA stinks, all these news about delays and even the possibility that RMBS is not the DRAM of the future, but the stock has put a solid bottom at $59, thus the TA is improving. If this bottom holds on the next FUD attack, it would mean to me that this storm is over as well. Technically, however, a buying point is difficult to determine, a break above about $77-78 would indicate repair in some of the technical damage, but personally, I would rather buy back on the next FUD attack in the low $60, with a SL at $58.5 or so. Currently, I am still flat and have been since $93 and change, since I'll be out most of next week, I'll probably stay flat. If the recent high $50' support yields, then we may still challenge the lows of the year and there is an outside very low probability that we go spike wise to the mid $20. I doubt that this will happen, since for that we will need to have a real tech wreck, and I think we are getting toward the time when the excess liquidity in the market counters the fear of interest rates hike (at least temporarily).
Zeev |
