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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: AllansAlias who wrote (88717)4/2/2001 3:14:57 PM
From: Perspective  Read Replies (5) of 436258
 
Well, I'd call that a fairly decisive break of 515 by the odiferous one. If it actually manages to stick, the recognition wave could finally be underway in SOX. There should be a retest of what is now resistance at 515 - and those who covered the POS poots and the like today should fade the retest like crazy - and don't look back unless it manages to undo today's damage.

In particular, MU should be faded into oblivion. That POS used to go for 1X sales when it got into trouble - and that would be a mere fraction of today's price. Don't get too caught up with the noise or the oversold nature - it's MU's turn in the blender. I've been hosed out of the meat of several brilliant implosions this year because I've been conditioned to take profits quickly like many on this thread. I won't make the mistake with SOX in the early days of another impulsive wave down.

I still don't see how the general market can't bounce a little more here, but it may be something that becomes more obvious with the passage of a little more time. For now, I repeat what I said a while back:

Nasdaq's activity makes it the weakest major index in the entire financial history of the United States. Period. Nothing it has done has demonstrated any more strength than even 1931. It is behaving weaker than even that era. If it does something - ANYTHING - to demonstrate strength relative to 1931, I'll change my thesis. But for now, I'm going to trade it like it's 1931, and let the market prove to me that I'm wrong.

And if THAT doesn't provoke a swift rally, nothing will. <g>

BC
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