we're going DOWNTOWN -g-
It's a monster up day, but you could yet be right in the coming days. I notice the volume is lighter than I would have expected. Some of the big bouncers are doing so on light volume.
I learned something today. There were decent indications that we could have folded under the NDX line. Better indications than the Aug 3 for instance. However, it being the big expiry week and the clown buck ever so strong, there was perhaps not an excellent chance of decline.
However, the mistake I made was not keeping an eye on the clown equities. Yes, the two biggest leaders were more sick than usual, CSCO and INTC, but the mania stocks were in no mood to give. That was my mistake.
I should have watched a "mania index" this morning. You know, take a basket of the 10 bigger equities are just manic. Stuff like SUNW, ORCL, CIEN, JNPR, EMC -- you know the rogues gallery of which I speak. Anyway, pick big ones that are over their shorter term MA's or some such thing, and watch to see if the clowns are selling these. If not, they there is much less of a chance that we give hard.
The leaders are more important, but the mania darlings are like sentiment indicators. |
