Yes, I agree.
Oil now has given back its gains on the session.
Not much earnings news this week, and economic reports are pretty light also.
Not much for the market to think about on that front, so we may see more focus on oil, the Forex, and the deficit.... none of which is likely to provide much in the way of good news.
All in all, we're looking at a down week here I think, and an overdue correction.
Some bright spots though....AAPL continues to scream..... wish I hadn't gotten stopped out about a week ago!! I had been hoping it would correct back to support, but now it looks bound and determined to test the 2000 highs very soon. Oh well.
Tons of good short setups out there. GOOG is tempting, lotta insider selling, about a trillion shares coming out of lockup over the next few months. This from briefing.com:
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The news of the founder selling all those GOOG shares and the pending lockups has made many institutional investors rethink their position in the stock. The questions that are being asked include why the founders would sell that much stock when the co is still so new to the market, and the move also goes against the "Buffettesque" style that the founders alluded to in their S-1. The news of shareholders moving out of GOOG could be a viewed as a positive for the other search stocks, as portfolios could be rebalanced away from what might be a top-heavy GOOG portfolio, and move to a more middle of the road approach. This idea might be pointing to more investment into stocks like INSP and FWHT, and with LOOK moving higher on no real news this could be funds building a position ahead of some light volume days where a spike could occur.
Terry |
