All storage hotties, the market leaders in this rally since September, are sitting right at 30 day EMA's after hours.
Below closing prices, and down on ORCL bummer.
Now, with first level Nasdaq and SPX rally supports broken, what happens if the leaders of the rally give up?
Line in the sand time for the rally here. BTW tomorrow was to be a turn for a number of cycles, none of which I really understand. If so, the market must turn back up after today's plummet, or we go into the dark side,ggggg. All FWIW.
I mentioned a while back that tax loss selling on some tech hotties might accelerate as this rally peters out; many who bought early this year at 100/share are looking at the charts rolling over, with shares peaking at 40-50 range.
Stock/Jan-Feb price:
QLGC @ 90
BRCD @ 100+
BRCM @ 100+
EMLX @ 100+
NTAP was over 100 in first quarter, now tripled from Sept lows at 20 +.
Bale out or hold 'em.
We shall see.
James |
