Don, how bad can the TA get? Now we "learn" that NEC, one of the early adopter of the bu$$ technology, in their joint venture with Hitachi, are going to desert the bu$$. On the surface, that is as bearish as it can be, would you agree? Yet, the bu$$ refused to breach the support level of $75 established during the period of 9/8 to 9/12. This, not on a "normal day", but on a day during which the bu$$ greatest supporter and "raison d'etre" is punished by breaching its own major support at $55 in a bad way.
We now, may have completed a full four weeks of consolidation in the $75 to $87 area, and my post of June 15, the day before the last explosion to new all time highs is coming to mind again, when the TA and the FA do not jive, believe the TA. I have rarely seen the TA and FA diverge so much, thus I have to repeat that same post's conclusion, the bu$$ is a wound coil and it can break either way, but my bet is the break is going to be on the upside. If we close above $87, we should then challenge the supply area of $97 (created by the 7/19 gap down, partially but not convincingly filled few days later).
I believe that within the next six weeks the $buss will once more be above $100. The news that will catapult the stock is not known to us "small investors", yet, but someone knows something we do not know (it is always the case) and is acting upon it with real money.
Caveat, if we breach $75, I'll have to take another serving of crow. (g).
Yoroshiku
Zeev
PS, those positions I invited the bears on Thursday to "needle" me about, are once more in the "green", they had a half a day window for "bragging rights", and apart of some post facto chest beating from one poster (which will remain nameless), I have not seen any bear bragging about it. Thus, if we indeed break out above $87, please, be nice to the bears amongst us, they will be the one to provide the fire to the next up move.
Zeev
irrevolute.iuma.com |
