We have had a lot of thinning out in the last week or so. Longer term investors are holding-momentum players have gone elsewhere. Even though the NAZ has gone higher, previous all-stars QCOM and JDSU have been sent to the bench. And TERN,NOPT,NTAP,MFNX,ATML all lower after hitting recent highs. About the only stock to hold recent highs is CIEN.CNXT OK too. Broader NAZ has slowed--CSCO,MSFT,DELL. (INTC bucks the trend).I don't see how NAZ has gone up, but it has. Mutual fund money pours in, but where does it go now? So I think as the NAZ goes, so goes QCOM. Q goes below $120 only if NAZ corrects. There was a lot of late afternoon buying--- I've never seen such support on Level 2 at $125--hordes of big buy orders. Previous NAZ corrections have quickly attracted "buy on dips" crowd. Until mutual fund inflows have somewhere else to go, the pattern should continue. Maybe they'll buy real estate, what else? A lot of nervousness on the thread--GOOD SIGN.
Market up, market down. I love getting up in the morning-- and that's what counts!
Good night all.
Long term investment means longer than ten days---right? |
