FWIW: I expect continued weakness in Nasdaq, even tho it appears to be strong today. The NDX futures have been propped up btw 10-12 points above cash all morning.
MaxPain on the big cap techs, especially INTC are much lower than current price. The biggest techs are levitating the average here,while hard selling is going on with prior tech leaders, storage, et al.
Thus, the 'appearance' of tech stability with selling underneath. The options MM's are going to take a big hit on INTC/semis e.g. AMAT if they can't bring these down before expiry.
This should be interesting rest of today and into Wednesday.
I think it has changed, at least for the short term, to sell the rallies, from buy the dips on techs, IMHO.
QLGC, EMLX, BRCD showing continued weakness, punctuated by very short bounces off old supports as they decline.
James |
