Sorry to be so absent from the thread, but I have new silicon out now so I'm staying quite busy. Besides, this jello doesn't make for very interesting trading. I just have my short-and-holds locked in, and I'm sitting back, waiting for things to get interesting.
I suspect September-October will bring a bit of a spark back to trading - it usually does - but we'll have to see. It astounds me how, every year, sentiment can be so bullish heading into the absolute worst seasonal period. (I'm sure you know September and October are the only two months which *average* negative returns, even with the 1987 anomaly removed.) You'd think people would learn, but that would require a memory of events nearly a year old, or studies going back several years - all ancient history, of course.
If I haven't mentioned them, have a peek at KSS and TEK. KSS has formed up a nice H&S on the weeklies and is about to test a multi-year support line. Either it violates the H&S or violates the support line; place a bet, and you'll have well-defined risk/reward setup. TEK has just given up (and retested and failed from below) a shelf at $25.
Also, I can't remember if I mentioned this or not, but SCH gave up THE support line (several weeks ago) for the entire bull, going back to the 1980s. What does that tell you about the long-term health of Wall Street?
BC |
