Bobby, i'm seriously considering shorting some of the nutz in addition to fleabay...at worst i could be in for a day or two of pain imo. there's too much giddiness developing in the sector in the face of crumbling what-have-you's all around. some technical indicator divergences are also beginning to show up in the stocks. just run the gamut on them, you'll see what i mean.
what's more, today i saw some serious selling by the funds...it didn't register in the prices really, but it was there. perhaps the YHOO earnings sell-off will arrive with a little delay...
the XAU is underperforming gold now, usually that means it has further to go...did you notice how gold immediately comes back from every pullback? it's simply amazing...
i believe some of the weakness in the XAU may have to do with fears over the hedge books; but all you have to do really is pick the right stocks. did you see ASL blow up? better stay away from ABX, they're like a big hedge fund that happens to own a hole in the ground on the side.
i noticed what happened to GE...and i didn't like at all what happened with IBM. LG pointed it out during the day already, and so did J.T., but it's anyway one of the stocks i always watch. today i looked into the character of the trading in IBM for 1/2 hour or so, and there was some serious selling as well - in this case the price DID reflect it.
Laszlo B. says IBM is being accumulated even on down days, but it didn't look that way to me today. maybe the accumulating is done on other days when i don't look?<g>
the mania isn't really alive anymore, it's more like a zombie right now...even yesterday's rally didn't come off right, no a/d performance to speak of and the NH/NL worsened.
to top it off, STILL too many bond bulls:
decisionpoint.com
regards,
hb |
