I think that INTC could go all the way to the $53 to $55 range before we turn again. MSFT could get to just under $70. I realize that yesterday felt like a bottom, but we really did not go much below last Friday's opening bottom, so I would still say the bottom was reached within the turnips target (low of 3050 or so and last Wednesday). If that "metrics works" after another continuation (but not that big) tomorrow and maybe early next week (could we reach the 3650 area?) I see another soft decline into the end of October followed by a strong rally into election, maybe plus a week (plus a week if Bush win less than that if Gore win), in any event, after that I see a decline late November early December and the traditional year end rally. My problem is where are we going to peak. Originally, in April, when the turnips laid out the rest of this year "master plan" they had a rally going to a new marginal high of 5200. Of course, at that time, we knew not of the oil mini crisis nor the ME unrest, always new elements to throw a monkey wrench into my turnips garden (g). Right now however, I see major hurdles at 3930 and at 4250, if we take the latter one, who knows how far we go.
By the way, CMRC came with great earnings and the stock in after hours is above $68.5, that $60 buy this morning smells like a rose. (g)
Zeev
irrevolute.iuma.com |
