Dennis,
I got a chance to look at the chart this evening. I think we're kinda overbought, and I think some technicians might have been advising position sales based on pure technicals, or reaching "rich" price points. All emotion aside here, we've had a good run for the trader.
BB analysis shows that we've moved out the "surfing the upper band" mode to a pierce of the band. This typically means a retracement down to the midpoint, or lower band.
In EMC's case, that's mid 80's at best. Not that this will happen, but in order to bust higher with all the good news that coming, it's gotta retrace a bit, build a new base and then move up.
Other technical types can report on MACD, RSI and Stochastics, but the BB's are very clear, at least to me.
Regards to all....and yes, I am still long even though I took some nice profits today with some trading stock at 89 15/16. |
