What a chart.... despite the uptrend that began in 2003, we are still way underwater compared to March 2000.
Things are not shaping up well for any irrational exuberance today, however. A sea of red in the Asian and European markets, WMT reported in line but was light on revenues this morning, and oil is moving up. Futures are down at the moment. And we're about due to hear some whining and hand-wringing about the falling dollar. Maybe not such a bad thing, since that has been all but ignored lately.
If nothing else, maybe we can at least see some decent setups forming. I for one would really like to see AAPL trade back to its 20 sma. Got stopped out finally, and half wished I didn't set my stop so tight.....if AAPL hit the 20 sma, that would be a nice buying opportunity, and this time I wouldn't set such a tight stop for the next month or so.
Gonna be interesting to see what happens to GOOG, with all those shares coming out of lockup. There's a fair amount of short interest (9% of the float), so that might help ease things a bit. But 39 million shares out of lockup today, with another 227 million shares between now and February, in a stock with a float of 100 million shares that has been trading an average of over 13 million shares a session.... Hmmmm......
Best of luck,
Terry |
