Would appreciate comments....important point (I think)..
In looking at the "hot stocks" from the last couple years, and also the assumed leaders going forward (BEAS, ITWO, NTAP, YHOO, BRCM, JNPR, etc)....
In almost every case, the highs for this year were reached in April on heavy volume....in almost every case (I looked at about 12 top "high flyer" techs), even though we went higher in May, those stocks did not exceed their old highs....and volume on up moves in May, and this past week ('til Thursday) showed a continual decrease since the April peaks...textbook, non-confirm, no?
If these COMPX studs are showing serious signs of failure, what stocks are going to lead us higher (above current resistence)? It would seem a difficult proposition given the chart patterns I'm seeing.......
I am praying here for a low volume drift up into next Friday (could see some more down Monday, but I expect a turnaround on Monday)....in order to set up short positions (Zeev, I know you don't short..)
All thoughts appreciated... |
