SPX - OFF-SET (not looking good)
Started by
mss
, Jun 22 2007 07:32 PM
12 replies to this topic
#11
calmcookie
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calmcookie
Posted 23 June 2007 - 10:01 AM
Thanks for charts MSS ... always interesting.
Best, C.C.
#12
skyymaster
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Posted 23 June 2007 - 04:01 PM
The way I see things right now is that internals are the pits and bearish....but little brother just might be able to drag spx to another high.....but it will be "high on fumes"
I think little brother is exhausted too. On Wednesday/Thursday it looked relatively strong, but I noticed that there were only select few stocks dragging it up. INTC, MSFT, AAPL and a couple other large caps. However today the NQ's have fell through the floor first, while ES were still struggling at around 1528 trendline support.
There was noticable relative weakness.
From fundamental perspective, semis looked strong, but Best Buy , one of the biggest sellers of high tech consumer junk, warned 3 days ago and said they are mostly selling low margin products. So there isn't really anything exciting going on in semi land. And I wouldn't expect any real strength from the sector.
I think even AAPL's Iphone will be a hard sell. Its very expensive and available only from one carrier. AT&T. So its not enough that the phone itself is expensive, there is an added cost of switching phone companies and getting out and in contracts. Not exactly a mass product, like Ipod. I think AAPL is due for a pullback pretty soon too. Too much hope built in the parabolic stock chart.
I agree, but as have seen in 1997-2001. that these things get out of hand, greater fool theory, i.e BX
Edited by skyymaster, 23 June 2007 - 04:03 PM.
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#13
LeroyB3
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Posted 23 June 2007 - 10:21 PM
Next when read daily the BLUE will cross the RED before the price change, and the WHITE might be crossed by the RED.
MSS,
That doesn't make sense to me. The BLUE line will cross the RED before the price change, but you can only tell that after the fact. I can point to a lot of things after the fact. You have the 19th labeled as the top you are looking at, but the BLUE line wasn't close to crossing the RED at this point. The BLUE line did cross the RED on the 21st on close though...is that what you are talking about?
Best,
LB
