Robert, I think we are still "on schedule" and I do not expect the start of any major retrenchment (to the 3400 area) until at least next Wednesday (2:32 PM <G>). What I see is a slight bias up today (we should be coming back quite strongly starting in 28 minutes from now), wavering tomorrow (plus minus 75 points on the NAZ) and a strong Friday until about the last half hour. Some additional strength Monday and then we may start into the turnips call of weakness later in June with a bottom around the 23rd or the 26th. I see the top of this move at about 3975 to 4025 or so. If we breach 3800 before that, then the late June weakness may start earlier. From there, according to the Turnips, it should be "to the races" with new highs on the Dow and close to new highs on the NAZ before year's end. However, the turnips reserve the rights to be wrong, change their mind, and change it often (G).
As for ONT, not a particular breakdown, just a retest of the bottom part of the "channel" as far as I can see. I still believe that from here we should have a potential 50% gain short term. I am more worried about RMBS, so I sold it few minutes back at $211.25, a gain, but not even a buck.
Zeev |
