JJ -- to me, as I keep saying, the market looks bullish. Non-tech looks like it needs a pullback, and the SOX is near a downtrendline that could be an issue for a spell, but in general, I just don't see anything in the charts that's saying we're going down big anytime soon. Mind you, ER's count could be right... but to me, my indicator soup/counts/whatever says it's not.
Since the Jan 24 low, we've had semis leading tech, which has usually been bullish in the past, and has a few times started off bigger trends. We've had the OEX stronger than the S+P. Also, there have been breakouts across tons of sectors, strength that's been "disguised" in, say, the NDX by QCOM, and the Inuts flopping around like fish. But those might've reversed, at that.
Anyway, I just don't see much to be bearish about, even as I await a non-tech pullback. Might not come for all I can tell, but then again... pullbacks always do happen.
the freep |
