LOL! You just need to put on some weight! I am amazed at the Nasdaq weakness. Don't know if its related to end of quarter nonsense or not. I am still looking down. I blew my SOX short, covered way to early there. The damn think is collapsing.
You know if we do get the long awaited capitulation, then the Nasdaq would collapse to the 1300's. Hard to believe but the bears think CSCO is fairly valued at $9 so who knows.
I am open to all scenarios but there is no new money coming into equity funds so its hard for me to get excited about being long. Non-tech is still the wild card, its in a corrective upwave still, I don't know when it will end but there is room to rally it.
From an Elliot Wave perspective, I don't see anyway around the coming Wave 3 down which will be nasty. The only question is from what point it starts. The most I can see the NYA/DOW rally from here is 3% which would pop the DOW up through 10K and probably create a lot of complacency. If the NYA goes up through 600 I will play that rally long.
As non-tech drifts sidways here, all oversold pressures are being relieved and in my time frames, the NYA could be considered overbought!
stockcharts.com[w,a]daclyimy[dc][pb10!b20!b50!b200][vc60][iUc20!La12,26,9!Lf!Lh9,3]
We have a grim contest over on the CFZ on which of ORCL,SUNW,CSCO,NT,JDSU hit single digits first. This kind of complacency is rally material.
(My money is on a late surge from JDSU)
Cheers,
Shack |
