What is so confusing???? -g-
We have a 5 minute bull flag, positive sentiment, we are in a short term upward trend, bad news = good news and most e-wavers agree we are in a 3 wave up.
On the other hand, we are in a long term downtrend, VIX is at 22, FA is lousy as far as visability, CapX spending is being cut from all semis except INTC, 3G is being delayed in every country, there is an 80% fiber glut, we formed a grave stone doji yesterday and have an unfilled gap 60 NDX points below us as we try to over take all those converging resistance lines.
What could be less confusing than that! -ggg-
Some of the old favs are creeping up here. AMD, CSCO, SUNW, EMC, BRCD, QLGC etc all sneeking up the past couple days for the first time in weeks. Most of the DOW stocks seem like they are due to bounce so I am leaning upwards but not betting hard on it and am just staying hedged.
I go back to work next week so I am heading out to enjoy the day. This market is like watching paint dry. I seem to recall the 4 July action is usually up and then the real fireworks don't happen until later in the month. Earnings don't start heavy until the week after so I doubt a whole lot is going to happen here BWDIK.
Good Luck,
Lee |
