>>Concerning a market top, I hold a slightly different view. Many of the recent gains were made by a handful of stocks, eg. CSCO, DELL, MSFT, AOHell...caused by a very strong rally conducted by S/MM. These stocks, in my opinion, are near their top, shown by the fear of shorting them in recent headlines. I believe that they will lead the averages lower ahead of the pact, just like the semis did. <<
I hope you're not shorting any of these. CSCO, MSFT,INTC and DELL are key issues and all still in extremely strong bull trends now. Bull moves such as this do not turn on a dime. CSCO was held back last week purely to stick it to the feb options holders. Look at its chart its a screaming buy. Expect to see it at 70+ by weeks end or sooner. Its CSCO's turn to take the front-line this week as DELL takes a breather. With feb options out of the way, watch out. Also, would not be suprised if AOL hit close to 130 tomorrow on its way to 150 or so. Once it breaks 120, good night shorts. |
