I'm getting a lot of positive divergences on the COMPX:
stockcharts.com[H,A]DACLYYMY[PB50!B200!C20!D20,2][VC60][IUD20!LF!LL14!LB14!LA12,26,9!LH14,3!LC20!LE12,26,9!LG]
Given the huge divergence in new lows (170 this time vs. 900 last), a turning point shouldn't be far away. If nothing else, beaten-down techs (read chips and PCs) may be becoming the place to hide.
A measured bear move will be completed at 2199 COMPX. While the flag/pennant broken on Friday gives the index downside to 2000, I can't see us going lower than 2170-2199 without a significant (1-3 months) consolidation/counter-trend rally.
Will be buying HWP and ADCT here. INTC not a buy until 27; I may miss that one, but it's close. Heck, even CSCO is getting close; I have a buy on that one at 23 1/2. ;-)
If the Fed cuts intermeeting, I'll be buying big-time. That will become The Bottom, IMHO. |
