. . . . . . Some Bull Market Irony . . . . . .
Today we have some "Bull Market Profit-Taking". . . this as opposed to a "Bear Market Rally". . . at long last. The last 30 days have left quite a V-notch in the charts. It has taken Bulls a long time to wake up and smell the coffee and realize that these tech stocks are still great companies. . .and the "U.S. Tech-Market Only Mini-Recession" was self-inflicted.
Yet once again, todays limit down futures are not concerning many. I find that fascinating. . . albeit a bit disturbing. . .the ProfitOften strategy still rules the marketplace.
Take a look at this post from April 5th, the day this current bull market began: Message 15618307 . . and especially at some excerpts which are meant to contrast today's situation and sentiment and bring a touch of irony to the day.
"Nice futures market. Bulls are either fast asleep, comatose or dead. Dancing bears are high on euphoria and some are still too greedy to cover or turn."
Much has changed in 30 days, eh? Bulls are waking, bears stopped dancing.
"And I am beginning to once again feel bullish on techs. When I look up and see Lucent at $6 bucks, due to short-seller rumors. . . .Nokia, WCOM, AMD, CIEN, GLW, CSCO, ORCL, PALM, YHOO, ARBA, JNPR, AMCC, etc., etc. all looking like they have been hit by a Lennox Lewis combination. . . .and have that dazed "what am I doing down here" look about them. "
The past 30 days has seen quite a number of doubles and triples in tech stocks like these. And since that post, even Lennox Lewis has taken his medicine . . . a stunning 5th round knock-out by Hasim Rahman. . . which quickly quelled his cocky nobody-can-beat-me grin. The same grin that long-term short-seller champs had just 30 days ago.
"But while the champs [short-sellers] are dancing around the ring with their tired arms thrown in the air, some techs are slowly regaining their composure, conserving their energy and planning a strategy to get themselves back in the fight. And I haven't seen that spirit in a long long time."
And what a comeback it has been, so far!
"That is why a day like this with the futures up as sharply as they are, no longer excites the crowds. "
LOL, How ironic! Today, we are limit down and the crowds are still bored.
And finally. . .
"I suspect that we will begin shrugging off much of the bad news and start reacting to the good news. And that would be significant. "
And so it has been.
Rande Is |
