bcrafty - Conspration Theory, the Sequel.
IMHO, as we are in the existing supply zone (2060-2200) I mentionned yesteray and that 2112 point I discovered this morning,
On a week's term, I would expect the market to trade higher 2115-2200 in order to fool other buyers.
On a daily term, I would expect some baits in the form of dips (that buy-the-dip syndrome).
Unless (still in the conspiration theory) the sting is over (MSFT, MOT, YHOO phraseology of the press releases).
AMD was less bullish
07:04 ET Advanced Micro (AMD) 22.70: Lehman reduces CY01 estimate to $0.35 from $0.62 and CY02 to $0.80 from $0.95. Firm feels that there is further risk to EPS as international markets deteriorate in the 2nd-half. Remains cautious but does note that valuation relative to INTC is becoming interesting for market neutral funds.briefing.com
So, most patterns are bullish, conspiration theory A is neutral for the week.
Some chart patterns are bearish, conspiration theory B sez it is over.
A + B = watch out, stay out.
Conspiration theory C: if this market is manipulated, it will stay range bound: 5 min. and 15 min. trend will be controlled. And when we will perceive the general trend (in a week or so), this trend will have ended.
FWIW, futures have rebounded on yesterdays 1734-1742 trading range.
So, agreeing with the Jul 21 panic selling scenario (after options expiration), more precisely the Mon 23rd.
If I had an idea on the way 1, 5, 15 minutes timeframes would look like, I would be trading, not sitting on the fence. |
