Wayne,
Are you reconstructing the short term channel
given the new data today?
What's the TA crystal Ball have to say about today and
the short term coming up?
IMO, we are getting ready to get into 3rd or 4th gear
(out of 5). We'll get to 35-40 by options fri. next month, but we
exactly won't know till we get more data to look at. 37-40 will
be 5th gear. Before we get there we will have a few
speed bumps and have to slow down to 1st gear again (30-33).
I'm not so sure the folks yesterday were a warning to slow
down or short term market top. I think it was some weak hands that are in denial about the rate-cut movement, and probably will be in denial until the end of the year. They'll be pulling their hair
out watching the market go up.
That's my feeling. Big money will be starting too move
in little by little (maybe faster) as the new rate-cut,
new economic picture starts taking shape.
One thing I'd like to get a grip on is how the credit markets
are behaving. Is credit becoming easier compared to 2 weeks
ago? Credit flow is improving, but how much, and how fast?
Lot's of $$ will be coming in from the sidelines coming up,
but how fast? etc.... This will determine if we get some
pullback movement which if we can anticipate, can be profitable.
Of course, there's still the unexpected surprise good news
from some COMS contract that has to come out soon. Maybe during
Network + Interop, Eric B. will say something. Analysts
are hanging around there somewhat I think. He's probably due
to talk to analysts for something or another pretty soon.
I wonder if MMs are still accumulating some COMS? Possibly
so.
Momentum is on our side. COMS is recovering, and monetary
policy is on our side.
Liberaly yours,
joe |
