Everyone was predicting an after labor day rally. Oops, it backfired.
Everyopne was expecting a good month in Nov. because you have to position yourself in tech for the year end rally. Oops, we were disappointed.
Nasdaq 3k was a strong resistance until it was broken. Everyone was saying that 2860 was the bottom and when it was penetrated, so many gurus believe (even yesterday) that 2600-2660 was the bottom fishing range. Oops, it was penetrated easily today.
I will make the statement again. If we penetrates 2500, 2200 is coming either in the near future or next year. When the nuts, which helped to lead high flyers to hundreds to PE multiples in the past, got shot like that. We are in deep trouble. Currently, there are still some high flyers left in biotech area. Until those, plus SUNW, EMC got crashed (and CSCO too), we don't get a true bottom. And all we will get is a trading oppotunity.
good luck,
larry! |
