Mark, yea, I think so - but I am still being cautious with my stops. From the 8 positions I bought on Friday (DIGL, TIBX, KEI, WIND, AVCI, AVNX, BRCD, AMCC) I have ditched 2 of them (AVNX and AMCC) but I added a few more techs (ATML, LSI, SNDK, SAWS) as well as more financials (MWD, BAC, BK) and one retailer (CC) all before noon today.
So far, so good. But I would like to see the NAZ break thru 2300 level on a sustained move to become more confident. I agree that consumer confidence number tommorrow will be poor - which would be good for stocks and a sooner cut. But 2300 has been putting up pretty strong resistance here - so . . .
A couple other interesting things to note:
1. Most of the big caps (MSFT is one exception) really aren't participating nor are some of the typical high flyers
2. As I noted yesterday, I haven't really seen as much negativism toward the markets on the boards that I have seen recently (both here and other threads). that is good !!!
3. At this point, I wouldn't want to be short Risk / reward IMO favors the long side right now - at least for a trade. I like the chart formations on many of the charts I looked at.
now how long all this lasts in this schizo market - who knows. That is one reason why I am being pretty cautious with my stops - and have diversified my new trading exposure to include a bit of financial and retail to go along with the tech. So IMO this could end up being a nice trading opportunity - but remember to exhibit cautiousness and profit often !!! |
