Judy, over in the "Technical Analysis for shorts & longs" thread, everyone just went long on the internet sector after resisting for a long time. Probably a good sign, as well, that the top has been hit.
Saw your comments about ALTR (including the one that you referenced). Of course, I love any confirmation of CSCO's health. I did a quick read on ALTR and though the PnF chart for ALTR doesn't give a clear buy signal, the bullish percent for the semi sector (Bull Alert 22+)is practically screaming "buy". Today's activity in ALTR (up 4 1/16 to 33 15/16), brings it within about 5 points of the first PnF "buy" indication, but even then it is still well below the BRL. Yes, I know you don't need me telling you all of this, however I would like to get input from the thread on how one would select a semi stock (assuming all of them look ugly on a PnF chart) when given a bullish percent that is grossly oversold (wiz, jannie, bruce, ben???).
How far can the sentiment turn on the internet sector? For YHOO there isn't any support until $148 and even that isn't strong support. What signal would you look for to buy puts/go short on YHOO or other internet stock? |
