Actually, for stocks like THRX, yesterday was not an "up" market. You'll note that the Nasdaq lost 11 points yesterday. The Dow and S&P were up siginificantly, but on a day the Dow is up 100 and the S&P is up 10, the Nasday should be up 20. So the Nasdaq ended the day 30 points lower than the normal ratio would suggest. That's not an up market.
I think this is due to mutual fund managers just throwing money at the Dow and S&P stocks. Most of my portfolio has been doing really well lately, with a lot of momentum, and a lot of those stocks closed down for the day, because they are smaller companies and most of them are Nasdaq listed. The Nasdaq made a reversal bar, and the last day it did that was on 3/2 before reaching a short-term low four days later. In terms of some indicators, the Nasdaq has led the Dow and S&P in some ways in the last few years.
For THRX in specific, it still hasn't reached my sell signal for the top Bollinger Band. But yesterday it did break a short-term up trendline, but certainly not by 2-3%, so it may rally back up to that trendline which would be around 67 3/4 on Monday, although it may not rally back up to it right away (ie Might not be on Monday). However, if the overall market goes lower for three or four days THRX might move short-term lower. I see absolutely no indicators that show a primary trend change or anything yet.
Yes, it might be way overvalued, but it also might become a lot more overvalued in the next three months.
M. |
