Candlesticks, shmandelsticks! If anyone shorted STT, SSTI, and DOX first thing Monday morning, as the Sunday edition of the "Bull Market Technical Investor" that you posted recommended, he/she got burned, especially if no protective stops were set. SST was up 3.39% today; SSTI was up 12.30%, and DOX was up 15.02%! This only reinforces my conviction (prejudice?) that stocks should be bought/shorted only on the basis of fundamentals (good/bad), not at the dictate of some hoodoo-voodoo entrail readings.
Now, for a (hopefully) more constructive comment.
Curious split in my portfolio today. Tech all way up; "value" stocks (oils, furniture, big old-line pharmaceuticals, retailers, etc.) all down. So, this "correction" ("crash"?) was not really about valuation, as some have suggested.
The Tech rally seems to have been led by the Good Gorillas, and sooner or later it swept up all the tech schlock (including those stocks that were down earlier in the day). This suggests to me we have some way to go yet before the "investing community" gets a grip on reality. Hmmph! |
