Briefing.com General Commentary
Updated: 29-Aug-01
<<Give me an "M," give me an "O," give me a break! Just as the sector shows signs of regaining momentum, the bottom drops out. Surprised? No. Disappointed? Sure.
Unless you're short, you can't help but be disappointed by the lack of follow through to Friday's rally try... On a positive note, volume remained light making it difficult to assign much meaning to Tuesday's pullback... Could have been nothing more than a knee-jerk reaction to the soft Consumer Confidence data... Even so, it shows just how fragile sentiment is at the moment.
Sector is still oversold, meaning that the short-term risk/reward ratio favors the upside... However, as evidenced by yesterday's action conviction on part of buyers remains suspect... As such, negative news announcements, be they economic or corporate, likely to result in air pockets... Bear channel on the Nasdaq chart suggests near-term upside potential to the 2000-2050 area, with support near 1800.>>
Robert Walberg
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RR: Patience is key...I totally agree...I had a great run along the coast of Lake Michigan this evening -- it was at sunset and I could see the sailboats out on the lake and the skyline of Chicago...Absolutely Amazing....Boy, we have to count our blessings more often. Maybe I get too close to the market at times. This Fall I will have much less time to post as my work schedule will be ramped up a few notches. The consulting project I've been on has been great in the last few months since we all have learned a great deal, made some money, and had incredibly flexible schedules. That's rare and it will end soon for me.
Hope your trip goes well.
Best Regards,
Scott
Here's a great quote to sleep on...
"Seize the very first opportunity to act on every resolution you make, and on every emotional prompting you may experience in the direction of the habits you aspire to gain." -- William James |
