Jeff, the question is, how long will we hang here before we launch?
We've got seasonal strength coming up with end of month/beginning of month stuff. We've got that nasty report coming out July 31st, which may or may not be in the market already.
OTOH, we've got the full moon behind us (no pun intended <G>) and a Bradley turn tomorrow. My inclination is that we have a change in trend that is more lasting tomorrow, and it should be up, possibly after some early chopping down. However, the VXN reversed back up today and the t reversed also.
The SPX looks very good, however, so maybe that's what we need to watch. Also, the bios seem to have hit bottom as with the SOXX. Software is the only sector that has not really been whacked, but maybe they get theirs next time (like the SOXX was fairly unscathed in February relative to the general market decline).
Another consideration is that we seem to decline after earnings are over with, so we need to start the ramp soon if it is going to happen.
MSFT may be saved from 40.25 this time just like it was saved from 47.50 in May. That might be our key that this ugly bottom might hold and not ratchet down to 1167. |
