All: Well, everything looked great early before the markets opened. The overseas markets had held their own; our economic reports were okay; the bonds were doing well - but the one thing that spoiled the tech party was Computer Associates announcement of revenue problems. In any event, today I didn't play any games and sold out of all Intel positions except one that I have had for quite some time. The positions that I picked up this last time down were sold for small profits - but profits nevertheless. We had the gap in Intel and when it closed and ticked 2 more ticks down below yesterday's closing price - you had to go. And, go I did. The rest of the day I was able to relax concerning Intel as I had put away all that I wanted for the time being and it was not making any apparent headway to go back above Thursday's closing price. The Dow did go to a new closing high - but it didn't impress me much. It is still well below its all time intraday high of 6606 plus. And, although the S&P was up a little, it was a long way from making a new high. As for the Nasdaq, it sold us out today because of the CA thing. In conclusion, Intel made a lower high and a lower low today; thus, it started its downward trend in here. To reverse it, Intel will have to go Monday to above 137 1/4 while also staying higher than its low of today. That's always possible as trends can be reversed any time. And, the way that Intel moves several points a day would make that easy. But, we will get our answers sometime Monday as trading begins and continues through the day. So, everybody relax for the weekend and prepare for next week. It should be something.
Sajjad: Yes, on Thursday one more tick down was needed to sell Intel.
I'll be back on Sunday night. Good trading. Jack |