TechMan, you cannot talk this one up anymore, this market is going down and asap.
The semis are leading down and it means is the growth leadership leading down, imho. If INTC is your pick for the bullish case and the semiconductors that we need to follow now, I'd say watch out, I won't participate in such a rally, even if it goes up a bit...
Here's my call for the week, I am bearish for the week, for the remainder of the month and for the remainder of the quarter. I just cannot wish for this sucker to bounce a little at this juncture, probably it will just dive without letting anyone get on board heavily...
Who would sell this short here heavily, answer: only the fools --and they will make the money!
The link you’ve provided was my observation from a month ago that’s based on 7/16/2010 closing data. In today’s uncertain and volatile market, how long do you expect a technical observation to remain unchanged? Right now, just when you thought you saw some technical formation in progress, things could change drastically overnight with a large gap up or down. Back then, even your new found comrade IYB was in total agreement with me.
In addition, since I made the call, from 7/16/2010 to last Monday, 8/9/2010, the SPX had gained nearly 6%. I didn’t see you bringing up my analysis to praise me for the great call. Fair is fair, right?
Having said all that, right now the SPX is still 25 or so points above 7/16/2010. I’m a “mean reversion” or a contrarian trader. And, I see those big gaps in the Nasdaq last week as great opportunity for some profitable mean reversion trades. Be it a bounce or the commencement of a new uptrend, I really don’t see anything wrong to have an open mind and take advantage of that probability for some quick bucks. I mean, after all, that’s what we’re doing professionally, isn’t it? Why so obsessed with being right or wrong?