Markets are pointing green this morning. Not surprising after such an ugly week. Last week I made comments regarding why we should (shouldn't) have confidence in the avgs ability to hold the Sept. lows when so many companies fail to do so. Well that list continues to get longer as more and more companies that I follow continue to break into multi-year lows. I mentioned SUNW yesterday, I add to the group MUSE, OAKT, PWAV, MCRL, PXLW....and I am only about a third of the way through my charts. Besides seeing plenty of companies ready to tip over, such as BRCD, ADIC, BRCM, CSCO, KEI .... AMZN and MOT, two companies late to the bear party beginning to crack...LEH, KSS, FNM all so very close to sealing their fate.... just not the picture of health. SCH (brokers) which has consolidated these many weeks is just another that I see lower prices for....KEI big pressure....HGSI and bios more downside....VRSN rolling over AGAIN. Everytime I try to finish a point something else pops up worth noting.
Let me finish off by saying that the tone of my posts from three months ago read almost identical to the ones that I'm writing today. And if you go back to 2000 you will find exactly the same thing. The difference being prices/trends/sentiment were all in completely different places. And even though I was initially caught flat footed on some of those big counter rallies i.e., 1st qtr 01, my theme has been consistent because that downtrend has remained intact. So when I mention stocks like QCOM or CSCO this past week and talk about watching for weakness and sure enough things break down....or looking for a top in DIS only to see the stock crack in the subsequent weeks. All of these things tell me that the roadmap in my clove box is the one I have to keep using. If I saw anything to change that outlook I would be the first one to say so. I owe no allegiance to this crazy bear. Just calling it as I see it.
Have a great weekend.
SO |
