i think he's starting to crack, get your buy finger in shape:
General Commentary
On various occasions over the past couple of months, Briefing.com has outlined the rational behind its bullish call on the market/sector... Last week when the Nasdaq broke well below pivotal retracement support at 1658, we admitted to being wrong - at least over the near-term... While we remain puzzled by the degree of despair and the scope of the selling, we also recognize the futility in fighting the tape.
The ongoing weakness, especially in the large-cap names such as IBM, EMC, Sun Microsystems, Microsoft, Intel, Oracle, Veritas, Dell Computer, Siebel Systems, AT&T, Nokia, Qualcomm, Cisco, Micron Tech and Verizon, is indicative of capitulation on the part of institutional investors... And with retail interest in the sector depressed by the brutality of 2000-2001 retreat, there's just nobody there to absorb the selling.
The reasons for the selling are numerous. They include but are not limited to: no new must have products to generate excitement, overvaluation, lack of end-user demand/sluggish IT spending, global economic slowdown, anemic sales/earnings growth, aggressive accounting practices, unwieldy debt (especially in telecom sector) and miserable momentum.
At some point buyers will return, but given the technical damage done over the past week, the still uncertain economic/earnings outlook and poor seasonals, the questions are when, and with how much conviction. Buying could emerge as early as today, or not for another couple of weeks, or another 100 to 200 points.
Trying to pinpoint the bottom in a one-way market is virtually impossible... So instead of offering opinions on which support levels may hold or belaboring the big picture problems, Briefing.com try and highlight those situations that look attractive for the long-term.
Robert Walberg
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<<we admitted to being wrong - at least over the near-term>>
this guy has no shame and i would cancel my sub in protest
except he is a damn fine contra indicator
he now appears to be unsure of where the bottom is after
repeatedly recommending people buy the dip from the March highs
he was bullish at the Jan highs and bearish near the Feb lows...get the picture? (and luckily it appears walberg never will, g)
cheers |
