If we hold 2000, and bounce up, look at the BIO-TECHS to lead. My list MYGN, CRA, MLNM, HGSI, PDLI, AFFX, ABGX, and SEPR (which got a hair cut last 2 days from 48-26)
I am betting that we resume up trend until earnings warning come back in about last week of May-3rd week of June. That could cause more pain.
Risk could be on the short end for a little while. If we do hold 2000 it would be extremely positive and more folks would put fresh money back into the market. I do not see 2500-2600 as a target, I actually see 2800-3000 as a target, and if earnings are at the worst currently, we could get there in this Counter Trend rally.
I do think we will retest the bottom but not until OCTOBER!!
Cheers all!! |
