Gersh, No butts about it. :o)
You may be right. As noted the other day, the CSCO chart looks extremely bullish, and this is the one to watch. The fact it didn't break the $19 support in the face of the JDSU number Thursday night makes me even more positive on it. The "W" extent breakout projection is ~$23. It also looks like it broke the weekly down trend line. Don't own it yet, but will enter on further strength in NDX. The SUNW chart looks equally positive, and maybe ORCL. I don't like the fact that MSFT broke the 20 week ema, but it may still be in this megaphone pattern, and could make a large charge at the top. On the old economy side, I like UTX.
The bottom line is that I could easily see a 10% run in NDX. That would put us up to about the 1860 resistance hurdle.
That said, I do not like the 60-min patterns being at the top. I would love a reset on them, but that would break all these lovely "W" patterns. However, I have frequently noted that it is the second break through the "W" that creates the nice move. In any case, we shall see shortly. In the mean time, the Phleet is at 88% cash and waiting.
In spite of some nice trading gains in the last two weeks, the Phleet was actually down .3% compared to .2% for the SnP. This brings home that my dog cargo is still providing some pain. I've never liked cats, and I'm getting some bad feelings about dogs (except yours TM - gg).
Just a View from the Swamp
TB |
