Yes I am. LEH was one of the things I added yesterday. It is the weak financial. I also added BAC because when I saw the March 70 puts, I felt like I had no choice. I now own BACON. (NOTE: I wish ANN was higher, cuz then I could add ANNOY). I also got QLGC yesterday and joined you in INTU, just cuz.
I still believe in more down here, and my fave cycle would imply we could go down to mid March. However, those March QQQ puts are worrisome. Also, I am aware of the ultra-bullish scenario you pointed out, as well as a simpler retest of at least the 870 area on the S+P. I continue to think, though, that volume is the key -- whichever way it comes in, that's where I want to be.
I have no clue how the rest of this week will play out, but I do note a lot of stocks and indices came within spitting distance of backtests of their 50 DMAs. Check out BBH for an interesting doji right on the 50. If those were real tests (and the SOX h+s was a real test), we actually could get a decent decline starting here and now (i.e. tomorrow). I think any pain issues are well taken care of by now. Still, two days of oscillation around these levels wouldn't surprise me at all. Not to annoy Augie, but I found board sentiment switching to bullish pretty fast since last Thursday, including bears looking for higher targets to re-enter. We'll see if that means anything now, but that same scenario has greeted all the failed rallies of late.
the freep |
