RtS,
That's really bad news!<g>
<<I mean even gold was not up.>>
Even Briefing.com is getting negative. We must be getting very close to the bottom.<g>
Tech Stock Analysis
Updated: 26-Jun-02
General Commentary
The recovery rallies just keep getting shorter and smaller... Nasdaq couldn't even keep its head above water for one trading day (mid-afternoon yesterday to midday today)... Despite the fact that the tech-heavy index has fallen in 13 of the last 15 weeks, there's still little to no buying interest.
After nearly 30 months of declines, a terrorist attack on American soil, increased hostilities in the Middle East and Asia, and a plethora of corporate scandals, the likes of which haven't been seen in decades, investor confidence in the market has been shattered... Consequently, there is no urgency to chase the market when it stages a corrective advance... There's no fear that by waiting to buy, the next big up move will pass you by.
To the contrary, all recent evidence suggests that investors need to remain fearful of the next big stock/sector/market drop... Stocks that have fallen by 70%, still get crushed if they offer up disappointing sales/earnings news... Up moves are immediately followed by even bigger downturns... Decent economic news is dismissed, while any below consensus data is jumped on as reason to take the market lower... Resistances rarely get tested, while supports give way on nearly a daily basis.
Until this market proves that it can sustain an advance beyond a couple of days, it's still a case of caveat emptor.
Robert Walberg |
