Jim,
Hope you feel better soon.
My technicals still indicate that for the short term we will be heading up, and should start this week if not today.
Subjectively, feel that it should move up with some with a little more strength by at least Friday, since the year end tax selling will be over. Since the the performance of the Asian markets was fair last night, do not feel any strong negative impact from there.
Also on a subjective basis, feel that the earnings forthcoming in Jan will set the direction of the market later. So for the next 1-2 weeks the market should move up a little, then flatten out awaiting the outcome of the earnings. If the earnings are really bad, in relation to the recent market pullback(especially HiTechers), then would feel that we will be heading lower.
As mentioned previously, for the move up the key is whether the major indexes will surpass the previous peaks to the upside:
DOW = 7819
SPX = 954
NAZ = 1553
My current trading range is for the DOW @ 7550-8100, and the
SPX @ 920-990, but if all three targets(previous peaks) are not surpassed with relative ease, I will be immediately decreasing my trading ranges with the DOW's lower range around 7300.
By the way, I am also watching MSFT carefully as a leading indicator for this specific interim (I am not saying it is a leading indicator all the time, just for this specific interim, based on some guitar calculations). I had called for a CLASS 1 BUY earlier and MSFT moved up 1 13/16. If it does not continue up or at least remain flat, that will not be a good signal for the HiTechers to move up nicely.
Seeya |
