none.
[madtrader]
Wed Feb 27, 11:58am PST EMC
QLGC
BRCD
EMLX
The storage sector is getting hammered today along with the networking stocks. Big names like EMC is trying retest the September lows. I think the retest will be successful. Of the other major names, QLGC looks to me is holding okay, BRCD not looking so hot, and EMLX is worth considering going long again when it stablizes. The key of these charts is how their OBV measures are holding. EMLX has retraced more than 30% from the January highs, yet OBV barely moved. EMC is still holding higher than September levels, much like how CSCO is acting. So, if you must pick bottoms, hope this helps. none.
[madtrader]
Wed Feb 27, 11:51am PST JNPR
CSCO
Well, I don't see the catalyst for JNPR to bounce. CSCO is sick and it's a share taker from the likes of JNPR. The most obvious problem with the thesis that JNPR should bounce off last September lows is the fact that OBV is much worse this time around. OBV is way lower now despite the fact JNPR's stock price is comparable to that of September low levels. I am sorry to say that I just don't think JNPR will bounce off this level. It will break it and send the shares down to penny stock status. If you pick bottoms, the better choice by far is CSCO. Although I am not at all excited about CSCO's charts, at least it's OBV measure is holding above the September levels. Which suggest the selling is mostly by weakhands and a bounce is much more likely. none.
[madtrader]
Wed Feb 27, 11:40am PST Greenspan
The headline in some financial site, and of course CNBC's Power Lunch show is, Chairman Greenspan's comment that we will have slower than expected economic growth sent the market down. I won't blame the talking heads, and I didn't have the patience to watch Greenspan being grilled by Congress. But if he indeed suggested that we will have slow recovery, then he is wrong! WRONG! To get a clue of the economic recovery, just take a look at the yield curve. It is still as steep as it was a few months ago. Which suggests we will have a stiller recovery. Take a look at the action in GM, CAT, UTX, HON, SLB, on and on..... and you will get a sense we are not only coming out of a recession, dare I say we will have a boom of some sort. If you are trying to look at tech as a tell, then I am sorry to say you are looking at the wrong places. Tech and telecom is still in the repair process of a giant bubble that blew up. And there is way too much over-capacity for the industry to be consolidated and absorbed in just a year or so. The bottom line is, if and when DJI drops below 10,000, I am a buyer of cyclicals. none.
[madtrader]
Wed Feb 27, 11:10am PST Market
Shake, shake, shake! A sharp pull back from resistance levels I mentioned earlier this morning. Not exactly unexpected. The culprit is CSCO, which I have suggested as well. I am not convinced that this little down draft has much power. I hate to put it so bluntly to the tech bulls. But in this economic recovery, the likes of CAT or UTX is going to be much more important than CSCO. CSCO is stuck in the same situation as someone like DELL. Merely getting larger piece of a shrinking pie. I would love to see DJI come in some more so I can reload up the cyclical names. Financials are behaving well too. none.
[madtrader]
Wed Feb 27, 10:01am PST MSFT
Looks like MSFT is ready for a run here. 60 is still a big barrier, but we are going to clear it. My main reasoning again, being part of the DJI, MSFT will benefit from the strong momentum of the DJI's move towards 11300. long |
