Sam,
The market is so unpredictable. With different parameters, you could
reach different conclusions regarding its up or down trend. Well, I
don't rule out any probability of pulling back any day in the coming
week like any day in the previous one. Based on the last two trading
days' pattern, it seems individual investors (maybe day traders) sold
at the first couple of hours, then the big boys started picking up
with sizes of 10, 25, and 50k. Another thing is shorts have been
reduced to a yearly low. The stock was not over-bought, but still
over-sold. Look at the level of shorts, it still stands near 10%
of outstanding shares right now as opposed to Intc's 2.5% and
Micorsoft's 2-%. There is almost no tech stock with such a high
shorts percentage when the company already turned around with
progressively improving revenue/net. Hence, those shorts will be
further reduce at an accelerating rates, which will make the price
surge even faster than the previous week's since the "available"
shares with positive positions (bought with less than current price)
has been reduced to a low level.
I hope you could get into the market as you are anticipated as the
market dips in the coming week.
Phil |
