dood, panic already hit, take a two year look at a nasdaq chart and look at the spike down from the jan high, i know a lot of people say that wasn't capitulation, but IT WAS, microsoft and lu were the widest held stocks, then their not.
i think the tech sector is getting pretty sold out here, there is a plethora of bad news that is sending holders to the hills, i think the strike into 4/4 was the momentum strike and now we are making the right side of a sloppy W, but where "dubya" wins is up to da "dimpled chads" =g=
but i don't expect a massive bull move out of this bottom, just an oscillating market that could go for years, like the 70's and there will actually be a real recession out there.
but there may be one or more false springs before that.
stockcharts.com[l,a]daclyimy[dc][pb10!b20][vc60][iUb5]
the 10 dma of p/c's hit .85 at the dow low in late march, the 10 dma of p/c is now .76, if we got a thrust down to the bottom of the falling wedge and a couple of days of .9 to 1 p/c ratios i would say that we got game here.
everybody on si thinks there are too many bulls (i.e. their bearish) -g-
newvision who has been unrelentingly bullish in face of the tape on the techs since the april high, has now capitulated, that may be good anecdotal sentiment.
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