Eddie,
Per my INDEX UPDATE the HiTech sell-off will end this week, and some type of reversal/flatness should start this week, and could be as soon
as Monday. Once the reversal starts/ sell-off stops, just don't expect the HiTechs to set any new highs for awhile.
In fact after this up cycle there are technical signs that we are either going to range trade or correct as an overall market.
I would not be too bullish right now but be very cautious and nimble.
If there are short-term calls involved, say JAN's, would highly suggest that on the next 1-2 up cycles , one takes what one can get rather than hope for a total recovery. Obviously that would depend on where one originally got in.
I do not want to totally sound like doom and gloom, since on the brighter side certain Non HiTech stocks are still setting new highs such as the UTY, XAL, PNX, etc and those are signals that the overall market could continue upwards. Tie those with the negative signals coming from the HiTech area and I am inclined to stay with the prediction of range trading.
Well, things do look good per the technicals for this coming week overall(SHORT-TERM, I REPEAT SHORT-TERM).
Happy trading |
