Wow! This entire board is bearish, and the last time that happened we ran for weeks. I will be very surprised to see us close below 1700, and would not be surprised to see us break the down channel to the upside very soon. And, guess who's going to do it??? The "old" generals and software! That's who. Read on.
One decent earnings report this week with ANY visibility and it's off the the races. However, regardless of earnings I don't see the $sox breaking below 540, absolutely cannot see the $xtc going anywhere but up to at least 600 and possibly beyond, and I see the networking index getting a bounce up to possible 250. Also, don't see how ORCL can go any lower and MSFT looks like it can bounce here. Therefore software will help lead us higher also. Message 17323853
Bios may be a little weak this week, but then they also should be bought if 440 or below comes into play.
The best opportunity for longs will be telecom believe it or not. Yes, I mean the "old" generals will move this market. The LU's, NT's, WCOM's of the world. Watch them carry this market higher. I'm not talking doubles and triples, but 10-30% are not out of the question which would take us significantly higher for the short-term. Long term I agree that we may be headed for some more pain, but not just yet. Happy Trading! |
