Lee, I've got to disagree.
Since it is 1 of my 2 long positions and I'm sitting about 85% cash, it has got to go down. <g>
Actually, I did not like the fact that it broke the daily (lower) up trend line, but the upper trend line projects to the $110 area, so I think I'll stick around.
In fact, I'm amazed how many of the tech types are breaking their daily trend lines with the NAZ hitting new records. I think Jon hit the nail on the head. What is it going to be next week, assuming the world as we know it doesn't come to an end -- the probable outcome. I can attest to a lot of cash sitting on the sidelines, not willing to risk the potential downside.
The key is decidely going to be which happens first. The tax gain holders are going to IMHO sell on weakness. The cash is coming in on any displayed strength. The QCOM's of the world are just a distraction for the main event.
In the meantime, we can all sit back and have a brew, and anticipate next what the Market is going to do! It will show its hand soon enough; however, I've taken the position, being genetically conservative, that my responsibility says to just watch.
I wish all a Healthy and Prosperous New Year!
Berney |
