SteelieJim,
I am playing for a short term move in the NASDAQ up to the 50-DMA, similar to the Feb and May moves. Indicators were sufficiently extreme for market gods to grant us this concession, IMO.
<< I frankly was surprised there was no follow through today, and had been resigned to missing out.>>
If you look at the May move, there was the big gap up day, followed by 2 days where much of the gains were lost. The Feb/Mar rally has a similar pattern, although not to the extreme of May:
stockcharts.com[d,a]daclyyay[d20010901,20020717][pb50!b200][vc60][iUb14!La12,26,9]&pref=G
If you were to project out the Feb and May patterns, the 50DMA could be tagged later this week or into next week perhaps in the 1520-1550 range. Of course I could be wrong and the NAZ will tank another 50 points tomorrow, and I will need to stop out.
I would expect a little continuation selling tomorrow early - maybe another chance to get on board for the brave: "Do you feel lucky?? Well, do ya!" |
