Warp,
In looking at prior spikes, it looks like we should have started the rally by now?
I got in early based on the strength of the SOX, and got out when the SOX looked to be breaking down. (a day late)
One concern I have is the SOX breaking down today.
In looking at the 1, 5 and 15 min charts on the SOX, I was hoping it would hold 375 and then trend back up. Instead it closed at the low of the day at 368.
siliconinvestor.com
My other concern is the VXN is only at 70.83, which is low compared to the four prior spikes.
stockcharts.com[e,a]wecayyay[df][pf][vc60][j4325380,y]&listNum=13
I expected a VXN in the 80-95 range, but with the VIX over 40, and the SOX taking off, I got on board. I was encouraged with the 400 point reversal as the possible capitulation day, and yesterday it seems the rest of the market was catching up and there was to be expected profit taking after a 18% rise in the SOX.
SEBL getting slaughtered after a miss, and the general market down today has me convinced we are going lower.
Had some great profits in just 3 days and lost 1/2 of them in less than 1 1/2 days.
Now that I've sold 1/2 the tech, I suspect it will sky rocket tomorrow.
I do plan to get back in on strong selling. If not, I still have 1/2 and some nice profits in the bank.
Weshallsee,
Jim |
