Well, WCOM was on my watch list for today since I had a short term over sold on it but it popped right out of the gate and I hate chasing. I have first resistance around 41 then the downward fork shown on the chart at our site around 43 and descending. A break of that and your off to the races at 55.
I don't have the link any more but Reno is threatening to file a block on the merger. Clinton seems hell bent on destroying all capitalism before he leaves. Give away genetic breakthroughs that industry spent billions on, break up the largest SOftware maker, block mergers, give away free meds to Africa etc.
I am slightly bullish until next week but I am a bit concerned about the weakness in the gorillas. It seems any bounce on a given day is met with selling the following day. Not too many meaningful moves here. GE, CSCO, SUNW , EMC, AMAT, NOK have been especially weak the last week. Today AMAT, NOK and EMC were on my list due to over sold signals and so far they aren't doing much of course my system has today as the buy in date so maybe it is a lull before the pop but it doesn't look good so far.
Dennis, Welcome back. Hope your are all refreshed and ready for this rubber band market. - ggggg-
Tim, thanks for the clarification. Hopefully they will get more than just that in the books soon. I know CSCO is fighting the pooling of interests accounting change hard. Heck, how are they supposed to show ANY profit if they can't write off those "one time" expenses every quarter. -ggggggggg-
My screen is down to 2/3 losers over winners although it is heavily weighted tech. It is interesting that we haven't had 2 days in a row lately with a TRIN under .7 SOmeone is dumping an aweful large amount of stock the last few weeks. I really want to buy but I hate fighting both the fed and the big boys.
Good Luck,
Lee |
