It turned out, I was quite wrong (and paid the piper by leaving quite some profits on the tab;le). my reasoning was the excessive tic on the NYSE, which should have led at least to a retrenchment, which I felt will get the rest of the market with it. Furthermore, at the time I posted, some semis I follow as "canary birds", like VECO and DPMI were not participating in the rest of the semi's rally, nor was the upside pressure on INTC particularly impressive. INTC changed later, but VECO and DPMI actually stayed out of the rally, so, the relapse might come sooner than most expect? Finally, for the week, I had my model showing a mini rally starting tomorrow afternoon, and if we were to get to my model's point of 2050 before expiry, it would have "had" to be tomorrow morning, that could be only if we gave back the afternoon gain and closed within shouting distance of 2100. So, right now, that target might be in doubt as well (g).
Zeev |
