Many had problems with the runup including myself. Unfortunately, I didn't cash in like many, because I knew it would and COuld not last. Therefore, I didn't hold as long as most. Last year's euphoric rise was nothing more than total manipulation and collusion by all the firms to run the Nas up as high as possible. I shorted some, and paid the price, so did many of my friends who still have the scares to show for it. They were burned by the same crooks who have orchestrated this sell-off. My friends will never short again because of what happened last November and December. The basis of my claim is this...every fund manager, analyst, manager, and employees of all the big institutions were paid big fat bonuses based on Nasdaq records. The more records set, the higher the bonus check. I recall one or two analyst getting $8 1/2 million in bonuses. Most received $1-2 mil. I can still hear Tom Costello back in December saying..."Yet another record set on the Nasdaq today"! At the same token, Bob Pasani at the NYSE just kept scratching his head, wondering when he too would get some play. Is this sell-off unwarranted?
No, but to see the same analysts(AJC from Goldman amongst others) recommend continue buying in the tech sector one week before mentioning a 5% cash position was a little to much. Then yesterday to add fuel to the fire, oh Ricky boy at GS downgrades MSFT because he "has a feeling that revenues will be lower in the future," on what basis? I'm still trying to figure that out. The valuations of many stocks on the Nas are overvalued but, a 1500 pt drop in 15 trading days is absolutely ridiculous. There have been many times, where I have seen rallies taking place only to be smashed by INCA. It is totally obvious what is going on here and it's very well orchestrated. BTW-where are those analysts now? I bet you see them next week.
As far as CRFH is concerned, I could care less on what they do or how, I'm mainly a TA guy myself, and when the market heads north, so to will CRFH. With an RSI of 14, it's not going much lower in the short term. If I had a short on it, I would lock in profits now versus later when it's higher. I'm not claiming it will continue to rise, but from my charting and a slight turn in the market, it will rise and rise faster than others. That turn is just around the corner for at least a rally back over 4000 IMO.
KM |
