Only Time Will Tell
The Qs are well off their
early lows (may need binoculars at this point) and approaching intraday
highs as we approach midday after having
taken a triple blow of Intel
(
INTC |
Quote |
Chart |
News |
PowerRating), RF
Micro Devices
(
RFMD |
Quote |
Chart |
News |
PowerRating), and less-than-expected non-farm payroll
data. As is typically the case, retail fleecing was in vogue on the open, while
I don’t know of one professional who had "short" in his/her vocabulary
this morning.
Only time will tell whether or not the overnight blow-off will reflect that long
sought intermediate term "b" word (not going to use it), yet
today’s close and Monday’s action should provide some strong clues as to the
potential for a sustainable bounce in light of the longer-term divergences I
spoke of yesterday
along with Volatility Indices (pick one) that are well off their early highs as
this column goes to press.
Morning reversal cups have been helpful to guide the early trade, yet additional
work remains in terms of finding an improved support angle on the non-Globex
13-minute chart. Of the top underlying Q equities, Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating), Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) and Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating) are green on the day, with CSCO and ORCL both showing strength right
from the gap.
12:30 P.M. ET
Good Trading and
Have a Great Weekend!