Thursday, October 27, 2005

 

Where's the Cramer tech rally when you need it?

Down $2,800 today. I'm no technical analyst, but one would have to think that this yo-yo action that we've been seeing over the last month is very worrisome for the bulls. Every up day seems to be followed by a down day. If the market were already up for the year, today's action could be construed as a healthy pull back and part of an overall pattern of consolidation. But of course, that's not the case: the market is down for the year. And so days like today just make the bulls more frustrated. Eventually, I fear, they will throw in the towel and then things could get really ugly. I'm hoping that won't happen, but when I see days like today, I become less and less inclined to regard them as buying opportunities.

Comments:
Lots of sectors are putting in tops right now, and QQQQ has a series of lower-highs and lower-lows. It's beginning to look very ugly, with many of the declines steepening.

Personally I have a large position in RYAIX right now in the accounts where I am unable to short, otherwise I am mostly short QQQQ.

Good luck out there!
 
that is good to read that the "little guy" is mostly short or in cash -- I love it --- we will be much much higher in 6 month from now .
 
Who says "little guy" is short?
 
Not a technical analyst?

C'mon man ! - Maybe I can convert the chosen few.

I don't work for them but a great place to learn is stockcharts.com - I also like bigcharts.com and prohpet.net.

I really like the site, by the way!

danny
 
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