Denice, I do not agree with misheldo on ANF (Abercrombie), it has just broken to a new recovery high here and is now challenging the September's intradays high barely a buck above today's close. When a stock is strong in a weak market, it most often becomes even stronger when the market turns (my reason for not selling BVEW). If it does, then $26-5/8 (the September's intraday high), should be taken out. Actually, it seems that they are eating other people lunch in the "shmate" business. Their growth is excellent, and even at today's price their PEG is under 1.00 (.8 according to Yahoo). I would not be surprised if ANF went above $30 as we approach Christmas and word of their Christmas success leaks out.
Of course, if the market scares you, that is another story, but I think that by the beginning of next week (Tuesday afternoon/Wednesday morning?), we should start back up. Short term, once more we are standsing at that 3000 or so precipice, and since tomorrow may still be jiterry we might actually get another day of -1000 or worse tic, possibly setting the stage for a nasty Monday. I don't think that will happen, but the conjecture of external events (Florida) and the time of the week (its end) allows for such a scenario to develop. My reasoning against such a scenario is that we had a sharp change in sentiments (from -1350 to -24 on the tix and from 5.75 to .91 on the trin. Furthermore, this time, even the stodgier NYSE showed some panic with a tic of -1111.
It is your money and you make the call...
Zeev |
