Bobby, I thought Cramer was bullish, he is the guy that was shouting last time CSCO hit $20, you'll never see $18 again...I still see the Naz in a massive distribution pattern extending back almost three months to that late April peak. It looks like a "double head and shoulder" to me, a new technical formation with two left shoulders and two right shoulders (we are probably within the second right shoulder formation now <g>). If INTC's hype this week cannot get us over the hump at 2250 on the Naz, I would say that the summer massacre is still ahead uf us. MSFT which started the last two bumps, does not look too good either, in the last run, it could not get over the $74 area (and could not even make a new higher high on Friday, not talking about that spike to $76 a short while ago). Other leaders of the last rally like QLGC and BRCD are also faltering. Look at BRCD, a perfect short candidate, a series of lower highs and lower lows: 5/22; $55-1/4, 6/13; $48.9; 7/2 $45, and lower lows of, 5/14; $38, 5/30; $35.8, 6/19; $34.3 and 7/11; 30.25. BRCD seems destined to retest the 4/4 low at $19. Many others will follow, IMTO in the next two months or so.
Zeev |
