INDEX UPDATE
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The following are CLASS 2 BUYS based on the short-term technicals. There were no CLASS 1 for any of the indexes. Remember, CLASS 2 means reversal within 1-10 days, but can go down further. In a confident UP market, a CLASS 2 is normally sufficient to buy, but in the current choppy market, it would be better off to wait for a CLASS 1. These CLASS 2's can become a CLASS 1 buy intraday tomorrow, if they drop enough.
SOX
IIX - INTERNET
XCI - COMPUTER
MSH - MORGAN STANLEY HIGH TECH
NDX - NASDAQ 100
I would like to mention the recent performance of ASND. ASND, approx 5 days ago, was a CLASS 1 BUY per my short-term technicals. Instead of popping up nicely, it dropped further. In light of such I have to conclude that is now in TECHNICAL BREAKDOWN mode. I bring this up since this one of the first Hi-Techs which is TECHNICALLY BREAKING down. In such case, the technicals are of little/no use as it is during a TECHNICAL BREAKOUT to the upside. The stock can turn at any time.
The overall market still appears healthy, in fact it was the NASDAQ(specificly the Hi-Techers) which was pulling the DOW down, and from the opening the NASDAQ was diverging to the downside when compared to the DOW-30.
The XAL(AIRLINES) set a new high today, and the BTK(BIOTECH) is only 6 points from its highs. Believe that the RUT also set another new high, although very slightly.
Seeya |
