MM,
>>what more do you need?
All I need is technical confirmation.
Naz already broke 2480 (remember?)
For the SPX I'd like to see the up trend at 1315 broken, and then a new local low under 1285 to be sure there won't be any new highs.
Meanwhile I'm updating my (kinda) bear spread on the NDX to reflect my ever increasing bearishness.
IMO this time around the Naz will not be the lagging index (as it was in '87). The internuts are already showing weakness for quite a while, while the most recent new high was achieved by the Dow alone.
The recognition that the internuts can't go on forever is starting to seep into the thick skulls of the margin players.
Wednesday's run in the NDX baffled me. I was expecting a correction to 2090-2120 to increase short and it shot up 5% in 3 hours to 2155.
Volatility seems to be increasing all the time.
It's decision time for the market. Another bull leg could take it yet another 20% higher, but on the charts it looks like the market made it's choice yesterday, and the direction is down.
Technically speaking, I belive that if the big correction is here, there's a high probability that AMZN could reach $70 by June expiration.
The Dow is not telling the truth. AA, ALD, S, DD, all had a tremendous run of 50-60% in the last two months.
T is a positive lately, but event driven.
MSFT started positive but broke down late in the session. IMO MSFT is the stock to watch for future direction of the market. If down today, too, all hell will break loose.
ATG |
