Hey, Eichler: Course, the thing is, the election did happen... Seems to me things are moving fairly predictably: PFE's up, a few of the bios are bouncing, QCOM continues to audition for restoration to leaderships, and most of the Nasdaq is selling on the news, or, to be more precise, re-tracing on the news. Am not saying that I have just moved my immense (wow!) holdings into long positions in ultra-high PE tech, but it looks to me that, for the moment, the uptrend from the v-bottom (if that's what it turns out to be) is still just barely intact, with the Comp having retraced just about 33% from the intermediate low, 50% from the recent minor low. Joe Investor might have bought the open today, I don't know. In any event there were some good scalps on the short side this morning, but buying kicked in pretty strong and fast as soon as too-close-for-comfort gaps were filled. If the day-low currently at 2854 doesn't hold, then I'd think there's immediate risk to 2800, though there was apparently some remnant price-memory left over from 1999 that previously acted as support at 2820. Even then, could just as easily get a trading range and a coiling for moves up or down (my guess would be up, pending inflation reports tomorrow and the next day) as a rollover back into the depths. You really think this market has been sucking up to W all year just to tank when he finally gets the prize (and while the other AG stands at the door, ready to raise once, twice, or more)? Not that I can't imagine the scenario or make sense of it, just would seem, I don't know, even more nastily capricious than usual...
In short, let's see how the thing closes.
Whichever way it goes, I feel like throwing a party, not because I was a Bush supporter - I wasn't, though I'm not a Bush-fan, either. (I find Dubya dubyous for a number of reasons, but it's more some of his allies and supporters who really repel me.) I'm just glad that the random trade-skewing effect of this decision or that press conference, etc., etc., is finally done with. |
