Fasten Your Seatbelts, Grab The Dramamine
The Qs are continuing
yesterday’s key intraday downtrends, and
we have some very interesting developments heading into the afternoon session.
First, we have the semis under strong pressure and the
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) trading
south of 400. Second, all key volatility indices (VIX.X, VXN.X and QQV.X) are
spiking. Third, we have the Philly Fed report due out as this column goes to
press. As I scan the key underlying Q
equities, only Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) is
green, with Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating) (#6 on the Q
market cap list) finally pulling back from daily resistance. And fourth, all key
time frames are showing strongly angled downtrend supports. The combination has
me encouraging taping over the buy button (remember the Apollo 13 movie?) to
avoid catastrophe until we either see signs of capitulation in an elevator drop
fashion or see trend reversals on BOTH the three- and 13-minute time frames.
Bottom line — have the seat belts fastened and the Dramamine handy.
Thursday June 20,
2002 11:50 A.M. ET
Good Trading!