Concur. I also lurk the gold thread and know what you mean there. Funny, Gold index reversed right where my resistance line was too but they don't want to hear that. LOL
What I mean in my post also though is that the usual leaders such as DELL, INTC etc are not looking like they want to rally hard here. However, some of the really beaten up stocks are looking like they want to at least make a technical bounce. I think this could cause a temporary spike up at least for the short term that would push the indexes up a little more. I posted this weekend that this could also give the opportunity for some money to be further pulled out of some of the "big" names while the smaller issues were helping to prop up the market. I am not looking for a huge rally by any means but it is hard for me to put in to words what I see. The more beaten up a sector or a stock is, the more it looks like their volume and indicators are signalling a short term bottom soon and reflex bounce. The Advance/decline has been lousy up till now and if these issues were to find a short term bottom and do a technical bounce around the same time frame, it could appear bullish or at least mask the real reason for the bounce which is just technical. Note that Beans bounced a week or so ago, Gold made a slight run, oil made an impressive rally and now transports are running. All these sectors appeared dead a month ago. Now I am getting the same type readings on things like the IT Service companies, CPQ etc. Things that appear to have little to no hope are showing they could move up temporarily. While this is to be expected at times in small instances, there is a larger pattern hiding in this. To be honest, I am not sure what the overall impact of this will be. All I know is that it is different, out of the ordinary and has me puzzled.
I am trying to figure out if I should try a pre-emptive strike on a low volume day or wait for a market pullback and look for a large volume spike etc.
Dazed and confused as always lately,
Good Luck,
Lee |
