It touched 32 yesterday and rebounded quickly to 35, I would have liked it to stay there, but here we are testing the 32 level again. Looks like it is holding at 32. It's still early and the Naz is down 70 again. It really depends on the market turning back up. I believe we are in the early stages of a correction, so on one hand, expect to see selling into strength. Also, we will get earnings the next 3-4 weeks which will be strong. So we probably have put in a top and a short-term bottom for the next 3-4 weeks. We will move higher over the next week, maybe give some back, move higher again, sell off ahead of the FOMC meeting early next month, then anyone's guess.
Range bound, so if BWEB decides to have stronger relative strength than the market, we will see 40 within 2 weeks. If not, the best I see is 36-37, which people will sell into.
In 2 weeks, we have options expiration, quite a few open at 35, so we may have difficulty going higher.
ST, if we hold above 32 today, that is the bottom, we will see 35-37 by early next week.
Sorry for the winded answer. |
