more questions than answers?
today was a decent rally as the markets got back into the bullish swing. but, as ey says, the market cannot keep going up on low volume forever. it was light again today and thats troubling but the list was impressive for us.
note three tech stocks: txn, rimm, aapl, & goog. they are very representative of what's happening across the board. txn failed to make a new high in this market and lets face it - if it couldn't do it in this environment odds are it ain't happening. so that's a sale. rimm was up 93% from bottom to top in less than two months. today's rally took it up to the bottom of a small top that i think will keep a lid on things for awhile. rimm is probably not done but could use a good rest after such a move. maybe we scale back a bit but i would hold this longer and accept the correction to the 90's. aapl wasn't as strong as rimm but the last few weeks have been big for it. today it almost cleared the same type of small supply zone that i think will hold rimm back. its a little stronger right now and should keep moving higher. goog is simply amazing as it flew today while others while mucking around. a new closing high for a tech stock after yesterday's reversal is exactly what the doctor ordered. so, there you have it...weakness should be sold, strength should be bought or held with expectations of correction, break out and continued rally.
its not a bad market! enjoy the weekend.
note three tech stocks: txn, rimm, aapl, & goog. they are very representative of what's happening across the board. txn failed to make a new high in this market and lets face it - if it couldn't do it in this environment odds are it ain't happening. so that's a sale. rimm was up 93% from bottom to top in less than two months. today's rally took it up to the bottom of a small top that i think will keep a lid on things for awhile. rimm is probably not done but could use a good rest after such a move. maybe we scale back a bit but i would hold this longer and accept the correction to the 90's. aapl wasn't as strong as rimm but the last few weeks have been big for it. today it almost cleared the same type of small supply zone that i think will hold rimm back. its a little stronger right now and should keep moving higher. goog is simply amazing as it flew today while others while mucking around. a new closing high for a tech stock after yesterday's reversal is exactly what the doctor ordered. so, there you have it...weakness should be sold, strength should be bought or held with expectations of correction, break out and continued rally.
its not a bad market! enjoy the weekend.
posted by David Geller at 6:16 PM
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