Fred, I'm holding three long overnight, and this SOB Nasdaq better gap up for me.
But, I have to tell you, if you draw a channel on the short term Nasdaq chart, (last four weeks), it shows a top just a bit over 3500, and the bottom at about 2900 by weeks end.
And, I liked Dent's long term channel on CNBC a little while ago, he shows we are near the top channel line, with the bottom channel line being at about Nasdaq 2000 short term.
So, I'm not ready to imagine we will have a summer rally or any further rally for that matter, without funds buying.
IMO, there is still plenty of downside risk.
Your right though, this market is not logical, at least not yet. IMO, after today, the Nasdaq is still a Casino being run by lunatics. |
