Watch These 3 Numbers For Huge Positive Signs
As
I write this, Nasdaq futures as well as all futures are up nicely
on the back of
(
AMAT |
Quote |
Chart |
News |
PowerRating)‘s numbers. I have no clue how the day ends…but
I do know several things.
In my last report, I told you about the underperformance in TECH
stocks. While the NYSE-types refused to correct, the Nasdaq pulled back.
Many names were hit hard. Now we get to look at the potential positives of today’s
action.
If the Nasdaq can close above
2090…If the Nasdaq 100 can close
above 1517…If the SOX can close
above 531, it would be a huge positive. As you know, I am a big watcher of the
Semis. KEEP THESE NUMBERS IN MIND.
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If the market reverses the move, it will be a big negative based on the fact
it would be selling the good news. Notice the word IF…because
you just don’t know. My point being, whichever way it goes is the way I will
react.
I also wanted to touch upon something off the beaten path. On my radio show,
I talked about a newsletter writer who is sending out false advertisements about
his performance. Without naming names, this so-called “TECHNOLOGY GURU”
rode the TECH wave in the 90s to riches for his subscribers. I will give him
that. BUT…in the bear market, his average stock went down over 90%. Some of
his favorites included Global Crossing, Metromedia Fiber and the like. The ad
states his wonderful 123% return in 2003 and how he has comfortably doubled
the return of the S&P 500 in bull and bear markets. LIE…AN
ABSOLUTE LIE. He ruined people in the bear market. He showed he does
not know how to sell, when to sell or anything else in between. He rode some
of his stocks down to zero and he is still touting himself. You obviously know
how I feel about this guy.
The moral of the story is to not believe everything you hear and everything
you read. Unfortunately, this business has some interesting characters in it
that are less-than-stellar with their disclosures. Continue to educate yourself
so you do not have to listen to this type of junk.
Gary Kaltbaum