There Is Only One Outcome For This Market…
Just a short note today.
Even though our SEMI call had a good day on
Tuesday, let’s not get excited. I have my eye on something else here…AND YOU
HAD BETTER LISTEN.
Once again, volume was anemic on yesterday’s
bounce. One of the main characteristics of our bearish stance since January
16th of this year is all the high volume drops and just as important, the low
volume bounces.
Sure, the market is oversold. Sure, the bounce
could continue…maybe…possibly. It is just my contention that IF THE
PATTERNS WE ARE SEEING ON A DAILY BASIS DO NOT CHANGE, THERE IS ONLY ONE
OUTCOME FOR THIS MARKET…LOWER PRICES.
We will continue to watch the daily action…which
is still suspect. The stance has not changed. DEFENSE…DEFENSE…DEFENSE!
Gary Kaltbaum