The Comedy Club

Watching and listening to Jeff Bezos can be the opening act. Amazing how he continues to explain Amazon’s numbers to the investing community. It’s like a
5 year-old child just learning math.

How about Cisco? They mention that they have no clue what the rest of the year looks
like. They state that they have no visibility. But John Chambers continues to predict a
30% – 50% long-term growth rate. Sounds like he had Point Given in the Kentucky Derby.

Do you hear Bob Pisani on CNBC commenting on anything? Now that’s comedy.

But my favorite…did anybody notice Joe Battipaglia quietly giving out a new year-end target price for the
Nasdaq? It now stands at 3000. Used to be 6000…5000…4000. How come he did not herald his new target
prices? Hmm… It’s just amazing how the media has not picked up on this. Lots of noise on the way up and none on the way
down. A few more target drops and he will eventually be right. Moral of the
story: Predicting doesn’t work and putting out target prices is like shooting darts in the dark.

More importantly, the major indices have hit a wall at their respective resistance
levels. I have discussed these levels in previous reports. But that has not stopped a bunch of new names from breaking out of sound bases.