Actually, as you know, I've come far more round to your way of thinking than you have to mine. I had thought the tech low was likely in as well, and the NDX already ruined that. And I've now upped my chances for new non-tech lows as well, though as each day passes, I revert more to my original thought. Although if we're clearing the air, I must admit I did get tired of you screaming "SHORT NON-TECH!! IT'S GOING TO DA BASEMENT!" over and over again since July 24th <g>
How to trade this? Like I know? The stocks I've been watching have all tried to break negative patterns or risen back over support. But none are convincingly "fixed" yet. QCOM keeps setting slightly higher lows here and closing over that 24.9 area. QLGC is still dealing with the September uptrend line. It closed over it. . . and closed AH under it. MXIM we've talked about. SYMC and INTU threaten to break, but then leap up. MSFT still in a triangle, but seems to be gaining technical strength. Etc. So honestly, I don't know what to do other than to watch them and either add new trades on a breakout or down, or close trades as appropriate on a break up or down. And oh yeah. . . a new COT report tomorrow. More covering there would be a pretty darn big signal, seems to me, so I'll be looking for that, too.
As for new set-ups, I propose AMGN. To my eye, it's building a wedge after a wee gap up over 40. Further, that wedge may be in a bigger bear flag off the biotech July 15 low. My guess is that Biotech is in for at least a retrace OR it's finished its full correction (or damn close). I'm looking in the bio world for other promising setups.
Now I sleep.
the freep |
