Thoughts on the bigger picture...
As you know, I am seeing a possible end to this first leg of the up in tech very soon, but, I think it's also wise here to remind each other of some basic things to temper our short desires.
Right now, we have a momo-train. When these things get going, there really is no telling where it will end. I am not stepping in front of this until it puts in a soft day or two.
The technical damage done today was extreme. The picture has changed significantly. Now, I see targets for retracements that are significantly higher than what I would have guessed a day or two ago. Maybe 1960 holds on COMPX for instance. On NYA, that 600 level will probably hold a retracement now.
As important getting some of the next down move, is the decision of whether/when go long for the wider view. It seems very likely to me that this will run some more.
Hard to believe that non-tech could run some more n this leg, but, I just won't try to outguess it. Recall that we were looking at the NYA move as corrective. Well, if I had to say at this point, it looks more impulsive to me. Take a look at it on the dailies. Looks to me like we are in 3 of 5 up. That'll make the next correction more shallow and it'll be a good buying opportunity.
Nope, everything changed today for the outlook of the next few weeks. |
