Street watch--
<<THE LEIBOVIT LINE ........
It was the same old story yesterday: higher interest rates and a strong Nasdaq. This time, however, the blue chips underwent a quick correction 'painting the tape' bearishly. Overall, I wasn't too surprised to see weakness yesterday, especially since the majority of investors were bullish. I believe last weeks AAII readings showed bulls in the 60% zone and bears near 20%. That's an awfully good sign a top could be at hand. Last week's technical readings left a lot to be desired, despite the run-up. Meanwhile, a one day sell-off does not a bear market make! The resiliency in the Nasdaq and the recovery in the S&P were impressive, but my hunch is that more selling lies ahead. Positive volume in names such as: GO, LDP, CHINA, CORL, ELNK, ADAP, CICI, SFE, IOM, ECHO and others are attracting my interest, particularly on a pullback.>>
Dr John Feissel...
<<Sharp jump in yield off the purchasing report sets up a reversal look in a win for the conventional wisdom of gravity and profit taking. Add Euro markets early hit today will add more to the ugly picture developing of the S&P futures below 1460. Now it's a "show me" as to the continuation of the bonanza days of the 1900's. Let's watch the volatility of the Internet crazies as a real break here will firm up a pull-back scenario in tandem with the pause in the seasonal strength period. Wear protection. Like on the long side today - T, ENON, NETO, AGT.>> |
