Doing well, Teresa, thanks! Living by the beach is fun, eh?
I guess it depends a little on which beach. <G>
The COMP is acting normally, it pulled back right where I expected it to. It looks good, things look strong overall. Short-term, I would be looking to go long on the next pullback on the COMP; around 1910 would be a good support level. I wouldn't be surprised to see that gap filled from earlier this week before the retracement, but I wouldn't worry if it doesn't.
I'm paying much more attention to the global implications of interest rates than I used to. The European Central Bank lowered interest rates recently, which appears to be a really stupid move. If the U.S. economy can show a bottom here, the U.S. dollar should be in very good shape, and that will add to the overall strength of our equities markets. The DJIA looks OK, overall I don't think things look bad at all. Money will come into the U.S. equities markets on any pullback.
I'm looking to go long on some tech stocks when the COMP moves below 2000. I got into NEWP and JNPR right at the bottom and bailed on half of both positions on the subsequent move up, so now I have some free shares of both of those. I love free shares! Also got CSCO at 16 and got out of all of it without getting hurt. I also have a few puts on KKD that I got when it jumped above 75...as a hedge, I don't usually short a split.
I think the brokerage firms are stronger than they should be. I think they are going to have to do some very fancy tap dancing to show any performance after the last two years, and I'm watching for hype from them. When the big brokerages start upgrading each other, I betcha that's the top for them. It's a Blodgett kinda thing.
CIEN is a good "tracking" stock for the tech sector as far as direction of "overvalued" tech stocks. I am staying away from anything that has a big exposure in Japan.
Anybody that you know that watches Fib numbers might see some interesting things forming up on the monthly charts right now.
I was thinking last week that if I were a really smart underwriter (and all the big firms are) and wanted to do that IPO that I put off for the last 8 months, now would be a good time. Most of the boneheads that were playing roulette in the IPO market are wiped out now, and I'm guessing the SEC is paying more attention to goofy filings than they were two years ago. Plus, I gotta show a profit or my stock might tank. |
