Hi Sultan,
Well you know my take on things, I've not wavered since the 14th/15th of January.
While its too early to proclaim the death of Nasdaq, we certainly have some strong resistance setting up. Spotting failure to move up has become increasingly easy. On an intraday basis there were some beautiful short entries on the Nasdaq futures today. Just classic. I suspect that rallies from here will be relatively easy to short... assuming it rallies of course ;)
Re Mssrs Clinton and Blair - they may have killed off the biotechs today although I think that's debatable -- they simply ran up too fast and unlike what most people may think, the whole world can not press sell at the very top and get the top tick! So predictably, a rout happens.
However the biotech's influence on the NDX and COMPX is less than that of other stalwarts - QCOM, MSFT, INTC, and the like. Tech of all types dragged things down.
In Canada I wonder how long they can keep BCE and NT up - once they start heading down things will turn ugly quite fast. Only ramping oil and gold very rapidly will save the TSE. I'm torn, I'm long some oil and gold, but short the TSE ;)
I'll post a couple of charts when I hit my office later tonight. One in particular, the Nasdaq cumulative volume, is speaking louder than normal. Declining volume outpaced advancing volume more than the ratio of Decliners/advancers -- this was true yesterday if I recall, causing the cum. vol line to hook over - something which rarely has happened on the Nasdaq over the past months. A dent in the armour at least. |
