These Are Some Names I Would NOT Own Right Now
I really wasn’t going to write today but I am
seeing something you DEFINITELY NEED TO KNOW ABOUT.
The 50-day moving average for the SOX crossed the 200 day
moving average yesterday…ON THE DOWNSIDE. I saw this happen in late
September of 2000. The SOX dropped from 850 to 550 in 2 months from that point.
With
market internals so horrid, you best not ignore what I am telling you. I know
you want to hear positives…but I do not have any right now. The NASDAQ is in
a bear market at this juncture and I do not believe there is anything that
will turn it around. The NASDAQ best hold the lows of this week.
At the very least, I would continue to own no
TECHNOLOGY names…especially with 4 letter symbols.
As always, if things change, I will try to be one
step ahead of them.
Gary Kaltbaum