It won't be long before there's a 50% retracement of that rally. Let's see whether (when) the Naz can hit 1743. I'll be scolded for being "unpleasant" enough to suggest the possibility of such a retracement -- for not falling in love with tech stocks such as QCOM, QLGC, etc., for not holding them and riding them down, for not buying on every dip, and for not referring to corrections as consolidations, pullbacks as pauses, fundamentals as irrelevant, market internals as positive (when they're not), etc. If we can get everyone to talk the happy talk, I guess, the Naz will go up again. Maybe that's the idea. Maybe that's what technical analysis really is -- imagining whatever one wants in a chart.
Anyway, nice consolidation in the Naz today. Looks like the September rally is still very much intact. Internals looked good, too, if one uses absolute values (ABS), instead of disagreeable, unpleasant negative signs. |
