charts/trading. Same old observation on tech, at support, keeps breaking support, possible set up for a rebound, or possible set up for further puking. I am sure that all who read charts here see the same. However a lot of stocks are now are the best support they have seen in a while.
However this does set up some possibly easy trading. Just go with the flow of the market (ok since it reverses every 10 minutes that's tough), if it looks like pukesville get short and bounce time get long, duh. But this is the easy part, if it looks like you should be long stocks go long that look they are putting in a double bottom like MSFT. If it looks like you should be short, short INTC or other stocks hanging out there with noi support. Could be an interesting arb in premarket, short INTC, long MSFT.
Guts say bounce on Monday, but hey I've been looking for one for 2 weeks. There are a lot of chip stocks just like INTC hanging there with no support and look like they have at least another 10% down to go (which will happen soon I am sure, but maybe not Monday) Also the market seems to be reacting to news sanely, that's wierd, so go with the flow with this also. Kinda strange when bad news is actually bad news and stocks go down.
Whatever I do it will be light, probably too brief, unless by some miracle we stop the reversal aroma. |
