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To: The Ox who wrote (7342)12/16/2003 5:20:37 PM
From: Return to Sender  Read Replies (1) | Respond to of 13403
 
OT: According to my charts I would have to say it is absolutely critical that the SOX continue to trade over 466/467 on a closing basis.

investorshub.com

As long as 466 does not give way then the uptrend is still intact. But if you page down to the SMH chart you will see the volume on this selling has increased compared to previous pullbacks in the uptrend with 5 out of the last six weeks being down.

I'm all for buying the dips but there has been a serious rotation out of the semiconductors.

The question is will the buyers step back in with the DJIA at new highs and the VIX and many other indicators showing so much bullishness and lack of fear?

What if they don't... Will 466 hold if it has too?

I still wish I had cashed in yesterday. I don't like this action at all. Not short term. Not long term.

JMHO, and I am hoping I am wrong!

RtS



To: The Ox who wrote (7342)12/17/2003 10:00:24 AM
From: michael97123  Read Replies (1) | Respond to of 13403
 
Michael,
For sox to go counter the market for too long and too far would indicate to me that this economic upturn wouldnt have much farther to go. That flies in the face of the data. I think you are 100% correct in what you say. Institutional money should be jumping in as we move ever closer to earnings season and I expect good earnings but even more important will be the great guidance going forward. Mike


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