Well, with the retreat yesterday we have to give round 1 to the Resistance Ninjas. It was close, but the New Jersey judge broke the tie on his card. Still, it was a good up day for the bulls.
Anyway, many people are counting this move as the start of something big, but I don't buy it (and have not). Perhaps this is one of those sneaky impulsive moves that will blind-side me. That sort of thing is gonna happen from time to time and it'll just serve to keep me humble.
The NDX has been powering this move and it is right at the Sep/00 DT line on the weekly. Recall that NDX has *never* closed over this line on the weekly. What an accomplishment that would be for da bulls. I don't see it happening today, but hey, this move has already been stronger than I had foreseen.
For the impulsive up scenario, we'd be in 4 of 3. It would be odd if the 4 were already over imo. I expect more jello out of a 4 wave, particularly given that the putative 2 (of 3) seen by the impulsive bulls was a sharp correction.
Everybody is looking up. We had new lows for the move in QQV and VXN. In a poll by CNN I read that over 80% of the 5000 respondents think MSFT is a buy here and only 8% think it's a sell. Hmmm...
Watch QCOM today. That's one that looks like it has a nice down count and should roll here. If it does not, it'll be a tell for me to be careful going short. And, of course, the meatball watch continues. |
