t.lo, we have been in a very trendless market since 6/18 (MACD) on ndx, and standoff between bulls and bears, and during that period we had first the softie island fakeout, now the intc fakeout, plus you had both orcl and dell rally to the area of the april and high bonk, there was a lot of hope that we started a new bull market in tech in late april and may (TRAP!)
however the evidence has continued to mount that the tech recovery may take longer than most think, and tech companies are still overvalued on p/e basis.
the question is how many of the hopers are still long to provide supply for more puking, that's hard to say, that's why i want a list of larry king's guests over the next week -g-
there is no question that for most nasdaq tech companies, that the april-may rally was a bear rally as the nasdaq a/d line makes new lows here, the question is do the big caps throw in the towel and follow the soldiers?
i see evidence in the last week, that the big caps are gonna stand by the soldiers.
contrary opinion, first needs a consensus, then needs a consensus to be wrong,
there was a massive consensus during the blow-off with hardly any reaction to the trend from about november 98, until the consensus was wrong in march of 2000.
this falling wedge could be a continuation pattern, just like rising wedges were continuation patterns during the blow-off.
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