I posted this over on a different thread concerning market direction near term and longer term. <<It all depends on the econ numbers, it could go ether way now. If we rally, it will be short lived. I stand by my bias to the downside where all rallies will be sold into. I beginning think the problem is not the NAZ, it's the DOW ( When I say DOW, I mean the big board==> NYSE not just the DJ-30), it's needs to be taken out before the NAZ can get going. My thinking is based on money having a better place to go. I have been looking at the Uts. DUK, and REI look interesting, I'm sure there are still others thinking the same as me. Also, where is the catalyst to drive tech stocks higher? We just had earnings, I can't remember such a lack of staying power after earnings for the tech stocks. Last year the stars where align this year we are seeing meteorite showers as the stars fall out of the sky. Take look at CREE now that is one broken stock, then look at AOL, QCOM etc etc flat line city are they harbinger to come? I see many stocks entering into flat line formations now following the CREE route as AOL, QCOM did before. In sum, we will need something other then over sold conditions to move stocks in a sustaining way, if earnings couldn't do it what will?
Greg |
