Trust Nothing

Did you see a
bottom?
I didn’t see a bottom. If I was given a million dollars for each time
I heard the word “bottom” yesterday, I think I would have had about $175 million….
and CNBC accounted for about half of that. (Please, no Jennifer Lopez
jokes.) 

I am just amazed at how many lessons have to be learned before these
talking heads understand that after an almost 60% drop, The
Bottom
will not
happen in a day. It boggles the mind… just like a Clinton pardon. (Had to throw
that one in — sorry, Dad.)

Yesterday’s Nasdaq gap looks just like the twin of about two and a half weeks ago,
closing at the lows of the day. You know what happened after that. Would not
like a repeat. Semis continue to show the best bottoming patterns, but a lot more
work has to be done. For the intermediate-term trader, there are few lights at
the end of the tunnel.

(
PLAB |
Quote |
Chart |
News |
PowerRating)
looks to be the best of the lot. Busted out yesterday on a big spike in
volume. It held up well in the recent carnage.


(
SNPS |
Quote |
Chart |
News |
PowerRating)
is also showing its strength. Fundamentals are quite suspect
though.


(
BEAV |
Quote |
Chart |
News |
PowerRating)
is still working nicely in the strong
Aerospace/Defense group.


You can add
(
NE |
Quote |
Chart |
News |
PowerRating)
,
(
PTEN |
Quote |
Chart |
News |
PowerRating)
and
(
VTS |
Quote |
Chart |
News |
PowerRating)
to the growing list of Energy
breakouts.


 



As always in this market, trust nothing. Keep close stops.

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