So are you saying you thought the trading had a somewhat negative tone today, Bobby?
Was interesting that the Nasdaq Comp seemed to find support at, or anyway ran along the top of, the precise trend-line you could draw from the end of Jan (end of the little congestion band that you called a double evening star) through today's session. It cuts right through the bottom of those ludicrous fakeout gaps up that have been the only "relief" in this latest crash. What could be me a more pathetic excuse for a "rally" than that Ciena-day gravestone, or that truly pathetic series of ultra-low-volume snowbound dojis we put in Friday to Wednesday? I'd post an LG-wannabe chart illustrating it all, but my feelings are still so hurt by the general non-response to my previous set of charts that I wouldn't do it unless you said pretty-pretty please. And I don't expect that.
The persistence of support on that descending trendline and remnant support from the ever more frequently observed l-t Nas log chart might lend some credence to George Cole's scenario - which seems like one decent scenario among others. I'm thinking more and more these days that the 90's bull market trendline SHOULD be ruptured, definitively, perhaps amidst some fraidy-cat peek below 2000 (maybe Monday?), and a short-strangling reversal (Monday or Tuesday?) into a vaguely rational rate-easing countertrend rally that soon peters out into a wound-licking trading range. If that's what pans out, then long-time holders won't get a big kick out of, say, riding SUNW from 17 to 20 next week, or 11 to 15 if things don't develop so quickly, or 20 to 30 sometime later, or WHATEVER, but those are mighty fine gains if you've got the cash and the stomach and the timing for them. |
