HI Chip,
OK lets look through them:
Klac - higher high and low and a close lower than the day before:http://stockcharts.com/def/servlet/SC.web?c=klac,uu[l,a]dahaynay[p]&pref=G
Cohu - OK picky picky the two last days share the same high and today had a higher low - with a lower close.So that's very cl;ose to the same emotional effect.:http://stockcharts.com/def/servlet/SC.web?c=cohu,uu[l,a]dahaynay[p]&pref=G
Amat had a higher high and low but closed higher:http://stockcharts.com/def/servlet/SC.web?c=amat,uu[l,a]dahaynay[p]&pref=G
Nvls - same as Cohu - both days the same high with today a higher high and lower close:http://stockcharts.com/def/servlet/SC.web?c=nvls,uu[l,a]dahaynay[p]&pref=G
Sbse had a higher high and a higher low with a lower close
stockcharts.com[l,a]dahaynay[p]&pref=G
Kvhi- higher low and high with a stronger close:http://stockcharts.com/def/servlet/SC.web?c=kvhi,uu[l,a]dahaynay[p]&pref=G
Orcl-same higher high and low with a better close;http://stockcharts.com/def/servlet/SC.web?c=orcl,uu[l,a]dahaynay[p]&pref=G
So two of my four stocks are setting up with buy wiggles and two had marginally better closes.Plus klac has a buy wiggle and Amat closed marginally higher.
Heck I'm not calling tomoprrow the day,but price action is surely getting whiplashy out there.
These are signs of whiplash and/or indecision.A short term congestion period.
One day a new low -the next day a better high and a lousey close followed by a crappy open and then a nice reversal strong close.
They are depressing price action mixed in with greedy buying and accumulation.The final concoction is accumulation and some of it occurs on big volume.The hidden secret behind the price action - greed entering the value equation.
It is the antichrist of Chief's clx -pp.It is the opposite of Joannes spike reversal.
Just as a drop in the market is signaled by the larceny boys all shorting in unison (creating the spike in Joannes charts - so too does the greed of covering at the bottom and then enjoying the run up.
Buy wiggles are just the manifestation of emotions changing direction - they are the inflection point of fear transitioning to greed.
It is afterall a balance (or imbalance-if you prefer) of supply and demand or at a bottom demand and supply.
At anyrate I am far from being qualified to calling a reversal of the general market.Just a heads up the in the small sliver I watch all day (the Semi's and capital semi equipment makers) are showing that indecision and hopefully reversal of suply to demand.
As each sector takes it's turn we'll see the indexes reflect this - ost bottoms are the price action of all sectors bottoming in unison-some very subtley and some quite volatile.
I think we're close and will be very tuned into tomorrow if the price action is negative from the get go.
I do think all indices need to join in and scare the heck out of all longs - then we're within 48 hours of a reversal.
If I'm ever lucky enough to nail that close - I'll just be lucky and that is as much as I can ask for.
Bob |
