>>I checked many tech stocks today. I see many already fell below 50 MA,e.g., BAY, NSM, CPQ, INTC, SFAM. Many more are trading right above or at the 50 MA, e.g.,CSCO, ASND, AMAT, COMS, KLIC,MRVC and more. It seems we are at a break point. I just don't know it's a break up or break down.<<
Down. We're in the early stages of a general market correction, which will be exacerbated by a bad earnings season. Pricing pressures and weak foreign economies are killing the techs. Consumer, drug and financial stocks are horribly overpriced. I just don't see other sectors taking leadership of this market. Instead, I see a lot of distribution. I'm raising cash, and have been all week. I'm hoping that things begin to look up this summer.
I'm hoping that ASND holds at 32, but am not counting on it. Still a good long term bet, IMO. Good luck to all. |
