*OT*
Jerry,
With the NAZ staying above support (until now) and rest of market selling, it may just be a matter of time for NDX to move into the mid 2100 range, and that in my view is based on their being long term strength in the market, that would cushion any further fall because big money and guys like you step up to the plate and buy with both hands and feet. 30 point chart on P&F for NDX shows support down at 1980.
I agree that CPI may give a bounce, but will the buying be met by the selling ? In my opinion, the real wild card tomorrow will be in MSFT earnings. As you pointed out on P&F chart, the MSFT chart sucks. What happens if they give a cautious outlook with their earnings ? Last I looked, MSFT support is down around 60 ? That's a long, long way to go. Not saying we'll get there, but who knows ?
Jerry, I'm glad I learned P&F because I'm mostly in cash, and I bought January QQQ puts last week. I'm gonna sell some before the close and take profits, I'll hold the others and see where we go from here, and maybe add later if there is a bounce. I've learned that when I sell a position, it continues to move in my direction (I leave a lot on the table when I do that) <g>
I am not going to fight the P&F indicators at this point, and for the near term, a bounce is just another opportunity for longs to sell and others to get short. The HiLo will reverse in the next day or two, the breadth sucks.
Thank goodness this time (because of P&F) I could see this coming and am on the right side of the move.
Best wishes always,
David |
