The Biggest Question To Ask In This Market

  • June 29, 2004
  • Tim Truebenbach

You can definitely tell it
is summer by the stock market’s action.  Low-volume has plagued the
current uptrend and there is virtually no leadership.

 

 

 

Qualcomm (QCOM) is one of the
few stocks that had not broken out successfully.  Today, it put in an
above-average volume breakout of what could be perceived as a longer-term cup
and handle base; although that is stretching it a bit.

 

 

Engineered Support (EASI) is
just another example of a growth breakout that really hasn’t been able to
provide any real leadership.  The stock broke out on 6/18 and looked good. 
Since then, it has not been very impressive.

 

 

This market could move higher
from here, but the biggest question to ask is this: Are the odds in my favor? 
My resounding belief is NO!  There have been tradable opportunities, but that
has been the extent of it.  For now, it seems best to protect capital first
and look for profits second.

 

Tim Truebenbach