Check out the internals and as well the make-up of the DOW. Auto's are up as well as a few others.
The tech wreck is still in progress but should turn soon, IMHO and technically speaking. We have, though, busted through some support levels on quite a few issues. Wait for the "selling for no reason" season!!!
ROFLMAO. "Selling for no reason"? "Internals"? Sure the autos (and DOW) are holding up *relatively* well! They're the highest point on land. And, guess what happens at this juncture if the Blue Chips get punished?
Why is big money rotating out of techs, into safe-havens? Is it because INTC missed a chip milestone? Because PC sector is softening?
Because the NDX and COMPQ require a slight breather? Unlikely.
The rate of rotation across equity sectors, currencies, hard futures, etc., has been remarkable over the past few months. The rich (and I don't mean $1-5MM) are restless, uneasy. No cliche about "buy on dips" or "excess money supply" will change matters.
Pick up any widely-regarded overseas financial periodical to confirm whether we are approaching a "selling for no reason" season.
It's my belief (and, yes I've bet on it) that we are entering a classic cyclical bear which will become painfully apparent by Autumn.
Sorry to sound so heavy-handed, but I've really become concerned about the complacency of folks -- many with hard-earned money.
Good luck. |
