Ignore These Words At Your Own Risk
The Nasdaq 100 breaches its breakout at 1452.
The Nasdaq looks to do the same below 2000.
The SOX breaks near-term…and possibly intermediate-term support.
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INTC |
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PowerRating) trades below its 200-day average.
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DELL |
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MSFT |
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LLTC |
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MXIM |
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I would gather you get the hint by now. There are
many more TECH/SEMIS that look like these charts…some actually worse. Yes, I
know the damage to the Nasdaq is only about 7% BUT…the individual damage has
been much worse. I wrote the following words in
my February 20 report…and they ring
true doubly today. Ignore at your own risk.
“As far as the Nasdaq goes, at the very least, I would be off margin. At the
very least, I would hold off buying. At the very least, I would be a heck of a
lot more defensive…just in case. I would only consider the highest of
quality and lay off the junk right now. If the NYSE-types join in, you will
need to get that much more defensive. As of this second, they are still in
good shape.”
Gary Kaltbaum