Glancing at some stock charts, I see many of the big nasdaq traders had bearish engulfing candles on the daily charts...
and broke or are right back at the 2/28 lows.
VRTS (really bearish chart)
EMLX (bearish reversal)
BRCM (bearish engulfing)
AMAT (bearish engulfing)
MYGN (really bearish chart, broke 2/28 lows)
GENZ (really bearish chart, broke 2/28 lows)
NTAP (really bearish chart, lost 25% in a few weeks)
MRVL (bearish engulfing)
NVLS (bearish reversal)
CSCO (bearish engulfing, closed below ALL EMAs)
QCOM (really bearish chart)
BRCD (still has bearish rising wedge and cannot break 50 ema)
MSFT ((really bearish reversal on chart, broke below all EMAs)
INTC (bearish engulfing on daily, closed below all EMAs on weekly with a gravestone doji)
SUNW (closed below all EMAs on daily with a bearish engulfing and on the weekly below all EMAs with a gravestone doji)
GILD (closed below 50 EMA for first time since Feb, with a bearish candle reversal on the daily)
BEAS (really bearish chart, looks about to retest Nov low of 11.38, below all EMAs on daily and weekly chart)
ORCL (really bearish chart with two island gaps down, about to retest Sept lows. Worst chart of all of them)
KLAC (best chart of them all, but it may have seen the top. Still holding on to the 20 EMA but barely after today)
IBM (the chart looks like a breakdown, about to test the bottom of the bearflag which was noted in February and then broke to the upside and then collapsed - which was obviously a major bulltrap).
C (closed with a shooting star reversal below the 20 EMA)
SEBL (closed with a shooting star reversal, second day close below the 200 MA. The two candles look like a bearflag forming)
EBAY (also looks like a bearflag forming and closed below all the EMAs for over a week)
MERQ (also looks like a bearflag forming and closed below all the EMAs)
Many of these charts have a really bearish candle pattern of a big long down day, a doji and then another big down day today.
Gee, aren't these all the stocks that were ramped and upgraded and talked up the past month? The ones that ran on every rally, squeezing shorts, only to see big block selling every time they did...
Same old story. Run em up, trap the longs, take em down hard. Repeat as often as necessary to fleece a few more <g>
But frankly, every on of these charts looks worse than it has in MONTHS. If they don't reverse immediately next week and start looking healthier, they are going back to retest the September lows. And they drop faster than they rise...
The past few weeks did a lot of damage to charts which took months to get to where they were.
Go ahead, tell me I'm too bearish as I've been told the past month <g> After a big ramp job lasting almost a month, these stocks are lower than they were then. And a ton of longs are trapped now...AGAIN. It's sad.
I'm sure there will be snap back rallies. Right now, they should be sold into. After all, that's what the big boys have been doing. |
