HI Alien Tech,
Yup - any news is perceived thru the dark gray lens.That's for sure.
We've got some retests to accomplish.It's sort of like kneeling infront of that porcelin god - you hate to do it - but you feel so much better after it's over.ggg
One thing in our favor - I think it will be quick. The put to call ratio has been showing fear(high purchases of puts) - its getting to be where .9 isn't much, but it sure used to be - so a spike over 1.15 would really do the trick:
stockcharts.com
Additionally I'd like to see a spike up on the vix - say the 50's or if we really want to get it behind us, let's do 65.erg:http://stockcharts.com/def/servlet/SC.web?c=$vix,uu[m,a]daclyymy[pb50!b200][vc60][iUb14!La12,26,9]or a long term view- notice october,98 @ 60:http://stockcharts.com/def/servlet/SC.web?c=$vix,uu[m,a]daclyymy[pb50!b200][vc60][iUb14!La12,26,9]
That leaves us with the need for a final shakeout, that just won't do it's job until it violates the retest points for about 1 1/2 -2 1/2 days:
Naz - 1619
NDX - 1348
Sp-500 - 1081
DJ-30 - 9106
So batten down the hatches and get ready to steal great stocks at quick unbelieveable basement prices.
Yup a real purging.Only the strong shall survive.
But the good news is 20-25 percent up 30 days later.
Now don't get me wrong this is the severe scenario. It doesn't HAVE to happen. Things like a rate hike or strong earnings from an 800 pound Gorilla - I just can' think of who that is.
Heck TI beat there number and said the wireless chip market had them preparing for growth not shrinkage - down in AH trades. Go Figure - it looks like Mr Market just needs to kneel and have a good purging.BWDIK
Bob
P.S. My diet of Bear Meat has been going on for so long I've got a lot of new grays too - except on the top of my thinning head.ggg |
