Sylvester, when asked few weeks back on the Steve threads what will the Naz range be till the end of next year I had 3550 as "Max pain" and about 5200 as a possible reachable top. It seems that we are now close to that max pain. My shorter term view is that we may have bottomed today, but at the latest we should bottom bu 2:06 PM on Wednesday (g).
If the bus manages to hold $75 on a closing basis in the next few days, you will have to accept my old tenet, when the TA and FA do not jive, believe the TA, and right now, with the cacophony of negative noise surrounding us, I must say there is a divergence between the TA (quite positive) and the FA quite negative. Obeying my own mantra, I am long the bu$$ (and somewhat under water in this trip), and I fully expect a challenge of $97 in the next six weeks.
As for the rest of the Sox, its natural support is at 880, not too far. Critical will be for INTC to hold $55 on a closing basis, we were quite close to a breach today.
Zeev
Zeev |
