FNS:
"Is 29 a breakout?" <<<Hell, yes!>>>
NOT. Of course, with hind sight, but it went through 29 too easily on low volume, and offered no support; I still see 28 as having stronger support and 30 as the breakout, not 29 (how do you see differently?)
The million $ question is will 26 hold, as it looked like it wanted to on Friday, or will we retest 24 or worse? I didn't short this last downturn as some others did (though I wish I had), but I did buy back in at 26 at the close. I'll be prepared to stop out on Monday; I'm not taking the ride back down. Mu and INTC seemed to be the real drags on the tech market, and along with others dropping through their
50DMA's, and the NAZ not holding 2300, I'm concerned we haven't seen the worst yet; 20 is not unthinkable. (Did the MU longs get wiped or what?)
My guess is since this second test of 2300 failed, we will retest 2100, and therefore 23-24 on LSI.
thoughts?
cb |
