The decline in volume, particularly when crossing critical support areas, is a bad sign, IMHO. As for short term, I do expect some short covering late in the day, but nothing great, we probably en up on the Naz down some 40-50 or so. Some major stocks are breaking down, like INTC, AMAT and NVLS, and that is a bad sign, if JNPR does not hold the $51 or so and BRCM the $36, that would be a sign to run for the hills and expect a major downturn toward the end of the week. Next support on the Naz is just above 2000, if volume on the Naz does not pick up as we approach that level, it will be easily breached, IMTO.
Zeev |
