Hi ATG, yes crying wolf again, but eventually I will be right -g-
BWDIK -g-
INTC has a giant Head on it's Shoulder, looks like the shoulder peaked at 75 on some bogus rumor that Intel was going to beat estimates (ya right with 28% Asian exposure, means unsightly dandruff everywhere)
The didn't warn last time, why should that change and earnings on Tuesday. When I think of Andy Grove in this light, I have to be reminded of an old Fleetwood Mac song "Heroes are Hard to Find"
I was thinking if you multiplied the NDX by 8 (or COMP x 5) and added it to the Dow then divided by 2 you would get a graph more representative of this market, the Dow is underweighted by Tech and it's influence on today's economy. This graph would have a much higher peak on October 8th and much lower shoulders on August 7th and December 7th.
If we looked at a graph like this, from what I can picture in my mind is that we broke the neckline on the selloff from the Dec. 19th-24th and this BOY rally (really EOY) was the retrace back to the neckline on Jan 5. So much for the January effect, went the way of the Santa Rally. This January Effect may be the wrong one people are looking for.
Remember you said their would only be a few ardent Kahunaites left at the end, looks like you, me and JT -g-, everyone is talking Dow 8500 to 9500 on the Kahuna thread.
Gold is making a nice double bottom here and looking good to me.
bwdik bb |
