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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Sun Tzu who wrote (59441)	5/10/2022 7:46:24 AM
From: Lee Lichterman III	1 Recommendation Recommended By ajtj99 Read Replies (3) \| Respond to of 97559

I think the fundamentals are still lousy but tech and semis have sold off the hardest so will likely have the biggest bounce. Reading around and the semi bulls are pounding the table about demand, shortages etc but ignore the fact that it is a supply problem. If you can't make and ship product, you can't make profit. A lot of demand is also triple ordering trying to get product from multiple vendors and other orders will get cancelled if the other shows up. I'm seeing a lot of tweets about us being down 3 days in a row so we HAVE to bounce. I just looked back and first off, day two was just a doji that was slightly down. Second, I saw many recent examples where we were down hard all FOUR days then dropped the fifth day before having an intraday recovery to close up. That actually looks like the most short term bullish pattern also. Bounces before that were mostly one-two days up and then selling resumed. 5th day reversals seemed to lead to multi day, week or two bounces. Les' numbers and my channels say we could bounce at any time but I'd like to see an overshoot to the downside, hopefully get some of my signals to fire and then get a 5th day reversal to get a decent rally and get the permabulls all lathered up again and thumping their chests just in time for the next slaughter.