[madtrader]
Thu Apr 18, 9:24am PDT Market
One hell of roller coaster ride. Cyclicals are just getting spanked as Philly Fed survey came out suggesting things are not so hot. I disagree, but bond traders and stock traders trade on these numbers. At least for today, these numbers rule. Needless to say a those major indices broke in the intraday level I have projected for them to bounce. They did bounce off them earlier, now they will work as resistance. I guess we will have to wait until close to see exactly what the market has in mind. At this point, I am going to keep my trading size small. none.
Register for our newsletter
[madtrader]
Thu Apr 18, 8:39am PDT AMAT
NVLS
TER
KLAC
These semi-equipment names are getting hard hit today. Not surprising at all. In my weekend's various pieces making the case for a tech rally, the one sector that bothered me was these names. During the past few months correction, they held up well. But I couldn't help but notice the negative divergence, under the list of names that showed that, I listed AMAT. But I lacked the courage to short them due to my conviction of a rally in QQQ. I suppose the only way I could have pulled it off was to short these names on Monday. Anyhow, I am sure some will want to pick bottoms with these. I wouldn't, not only that, I would use the next bounce to short them. 50 DMA is coming up with most of these, and I certainly believe they will break it to the downside. none. |
