I just saw the first intraday short-term buy signal for the S&P and Dow a few mins. ago, when the Dow was near the unchanged level. As I've said, intraday signals aren't as rock-solid as end-of-day signals, and it all comes down to speculation. So the signals could be unreliable. (That's where judgment and stops figure in.) Remember: Anyone following anyone else's signals is a darn fool, too. And signals aren't magic.
But I'm lettin' ya know, because it's a little-known fact that I'm not always bearish. In fact, in hindsight, I've never been bearish. (OK, well maybe sometimes.)
Cautionary note: The longer-term sentiment indicators are still overbought, and that doesn't always bode well for shorter-term rallies, since big waves bear down on little waves. Also, as I keep saying, I'd like to see an end-of-day signal.
As for the beloved Naz, junkyard of overpriced, over-hyped techs, I haven't seen a signal yet. But I might before long. And the market indexes do tend to follow one another.
Ashok Kumar had some interesting things to say about Dell this morning. He's a good analyst, and to my mind at least, objective. Basically, he thinks it'd be a better value in the low 20s, if I heard him correctly.
The Maria B. hair index seems to be bottoming out, too. It's at the tousled level. She seems somewhat distraught, disheveled, distressed, with dark shadows. She doesn't take these corrections well. |
