Continue To Hibernate
Another follow-through day shot down,
and in short order. To say the least, I am amazed that the NASDAQ’S 10% move off
the lows was wiped out in a matter of days.Â
If this doesn’t tell you the market has
problems, I don’t know what will. Nevertheless, I continue to urge you to take a
few steps back and recognize this for what it is, the worst bear market for
growth stocks since ’73-’74.
To make matters worse, the S&P 500 has broken to a yearly low.
This tells me that there is a chance the rest of the market may want to play a
little catch-up with the NASDAQ.
I scanned through about 5000 charts
over the weekend looking for anything resembling a decent setup. NOTHING DOING!
In fact, it may take a while before anything shows up due to the sawtooth patterns I am seeing in leading names. About the only thing the market has going
for it is some seasonal holiday strength this week and maybe…just maybe, a
rate cut by the Fed. CONTINUE TO HIBERNATE. IT’S COLD OUT THERE.
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