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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject9/11/2001 1:26:52 AM
From: Devin123  Read Replies (1) of 37746
 
Well, I was going to post my thoughts on the market. Then I started reading many of the posts from this evening... hmmm. I agree with most points made except the point of safety in biotechs (and the real statement was that that HAD been a a safe haven). I see the biotech sector as toppy and my indicators are pointing lower for many. Utilities and energy stocks have started putting in a good base and many have formed double bottoms. Housing is falling from its top after recently being hyped on CNBC as a sector that "just keeps going." I see more downside there as more people will be needing to sell off their second and third homes after losing their high-paying tech jobs. Surprisingly, semis are giving me sell signals. I don't think it was a good thing that AMAT has dipped below 40.

The biggest point is two-fold: the vix is nearing its 52week high and everybody wants to see a bounce off this "test of lows." So it will be a self-fulfilling prophecy. We will get a bounce. But the other comments made re: warning season should keep us all on our toes. And finally to really shake the confidence of the staunchest long will be global recession. Japan is the biggest threat to our economy right now... keep your eyes on them.

Good luck long and short.
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