The "pause that refreshes." No massive washout. Today's low-volume retracement of past days' huge gains is healthy and sets us up for a continuation of the new rally later today or tomorrow, imo. Naz will not give up much more than 150 pts or so before turning up again.
MOT could be the catalyst for tomorrow but is certainly not the only factor: lower gasoline prices, bulk of interest rate increases behind us, solid earnings and growth, and election year politicking will play their parts as well.
Prices are still way, way off their highs for some great companies and conservative charts show 2nd and 3rd tiers just beginning new rallies: VRIO, ADAP, NTRO, JNIC, ENGA, SAPE, RTHM, HLTH, to name a few.
AOL is still a fair buy as is MSFT at around 85; Q looks good here as does WCOM at 43. GBLX under 35 is a standout. Great time to buy a few shares as stocking-stuffers or to add to core positions.
LPTHA's chart is still negative but given that we've already seen a nearly 70% decline from its highs, the $30 range is not a bad place to consider adding a few shares.
Edit...as I write this the Naz is now down almost 150. As I prefer to buy on strength rather than "knife-catching" I'll wait for one of Rande's famous "V" bottoms before buying more. My guess is that a 50-100 point recovery from today's lows will be a smart place to buy (so I'll wait until we see -100 to -50 unless we continue down from -150).
Back to work, Regards to All!--Mark--
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