SheGirl, we never talk in public... I am shy
been hunkering down minding my own business
trying not to piss anyone else off this week
been sparring with SIAdminBob a few times, getting warned a couple more times, accepting his invitation to cuss him out and abuse him rather than other posterboys and postergirls... that entire effort has been fun for both him and me, really got him laughing
been feeling low, but come up for air and post a thought or two... yes, I agree this is a minor pullback gutcheck, nothing more... havent done much TA analysis but will over weekend... feeling NAZ will rise in the next few days until it meets something significant like the 30day Moving Average
been coming to the conclusion that the entire world of tech stocks is now moving as a pack, with little differentiation... the reins of control are the leveraged instruments, e.g. NAZ futures, QQQ options, and options on the generals MSFT, CSCO, INTC... forget DELL, it is yday's posterboy on milk cartons
I think NAZ and QQQ have about 10-13% upside very quickly from here... to be honest, I believe NAZ futures are in control now in a dominant way... I conclude this because of the lack of conviction anywhere, with easy willingness to grab profits on long or short side... no conviction yet and wont have it for a few weeks
got the spectre of another unnecessary Fed hike on May16th looming over the market... the FedFundsFutures are pricing in a 1/4 pct hike... already we have seen the early effects of several rate hikes with housing practically in a holding pattern... yet the Fed will continue to hike... this is what I mean by driving the Fed bus and hitting brakes until passengers collide with the windshield... the Fed driver sits in the rear of the bus, and spends too much time looking backwards
I expected nothing of substance Tuesday afternoon or today... I was surprised to see QCOM give up almost everything this week and ponder itself under 110 like a lost child... I am encouraged that QCOM has nicely chipped away at overhead resistance all the way into the 120's... I expected it to resist 120-124 as earlier stated
as for worst over, I dont think so... when we have 1.5 weeks ahead of FOMC meeting, then we will have some stupidity entering the marketplace with talk of 1/2 pct hikes and several of them... fear will peak just prior to the FOMC
I am studying the NAZ futures more, in addition to NAZcomp and QQQ... they are big tails wagging the recently trimmed dog
I am still here, my favorite among Beeches
/ Jim |
