Mike I read aj's response to you, and in essence agree with him, with a slight modification, if we do not close under 1900 (and we are close) nor print 1850 intraday, the decline in the morning might be temporary, and the rally may resume, but the sectors aj mentioned will simply try and retrace todays swoon down and attempt another run to the recent high (another opportunity for those among us playing the dark side to short the NVLS and AMAT, and here even these darlings of mine, CYMI, DPMI and VECO (for the venturesome, BRKS, but this one should be handled with "care"). I still see a possibility of reaching the 2160, but this will take revival of the rally in the biotech, software, B2B and all the soldiers. I think that if these two levels (mentioned above) are not breached, that we can easily close up some 20/40 by the close tomorrow, and then get a real big relief rally on Wednesday as IBM actually surprises? I will not be in during the morning, but I'll put few "outrageous" bids under the market (like JNPR at $42.11, EXDS at $6.90, RMBS at $16.95, and MERQ at $46. I have a real outrageous bid on VTSS at $16.90 (g)), since even if we go down hard early in the day, i expect at least a relief rally starting just before lunch and going into the 2:30 area before the potential fade out starts.
Zeev |
