Saul,
If your target is $75-$80 share, then you must not have much conviction in your analysis. btw, I don't know what time frame you are talking about. I don't know which way the market will go tomorrow or Tuesday (although I suspect that this small correction is probably over in a day or two.)
Why don't you be specific? What facts tell you that 1997 has been one long distribution pattern? Also, what gives you the idea the the whole tech sector is topping out? What indicators do you use for TA?
When I look at the weekly charts of Intel, Sun, Wind River Systems, Oracle, Motorola, Texas Instruments, Cisco, etc. I am extremely bullish. Most just broke out of huge 6-12 month basing patterns all within the last two weeks. The only charts that worry me would be Microsoft and the box makers (Dell, CPQ) but I certainly wouldn't be shorting them.
There is nothing technically which would indicate Intel or the tech sector is topping out. The only thing I would concede is that these stocks are overbought on a short term basis, but I would ( and will) buy dips not sell rallies. This is one powerful bull market. |
