Tom,
>>> SI sentiment of bulls and bears have reached a near all-time low as far as bulls are concerned <<<
As I mentioned in my earlier post, I was surprised to see how bearish everyone has turned. I had also suggested to proceed with caution on any long positions and not to expect the old highs anytime soon for the HiTechs. I think I was a bit behind not realizing how many have really turned bearish.
I guess I am in the contrarian position again, not because I am a contrarian but I am just following my technicals. The technicals are strongly, repeat STRONGLY, indicating a reversal this week, and it could happen as soon as Monday. I will not use the word "absolutely"(will leave others to use that word), but will state that the probability is very, very high for a reversal, for the early part of this week, and yes it could be as soon as Monday.
Since my SHORT-TERM analysis is usually only accurate for 1-5 day periods, I will not make a strong prediction on the strength of this reversal. I will indicated that as of this point my technicals are leaning towards range trading, rather than another large correction in the near future.
Tom, shoot, I feel lonely now, but am glad to hear that you have at least an inkling for a forthcoming reversal soon. If I go down with this prediction I prefer not to be by myself.. (ROFL).
Right now my largest position is in the XOI(OILS), followed by the OSX(OIL DRILLERS). As for Monday, if the market does not open up, I am now thinking of increasing my position in the OIL DRILLERS and the IIX(INTERNET INDEX).
All 3 of these indexes are CLASS 1 BUYS, and are the strongest of my CLASS 1 BUYS. This is not to say that they are the strongest indexes, which they are not, but are the strongest of my CLASS 1's
Again, I do not expect the OILS to move too fast, but still should be a fair gainer. The OSX and IIX should be the faster movers.
Tom, wonder what would happen to me if I went to the Kahuna thread?<<ggggg>>
Happy trading |
