Stocks need to get a move on it and fast. I am bullish on techs, given the performance of the SOX, but it seems we just can't get out of bed, although today was certainly a nice show of resilience. Multiple articles on the demise of the bull market, so expectations are low if non-existent. I am still betting on a push in August/early September, but it needs to happen soon, or we will lose key support levels out of sheer inertia. I want to see SMH (semi-conductor ETF) hold 31.20 going forward and breakout above 50 dma at 31.89. Keep those stops tight. So far the bullish trades have been working well with NQ, thanks to the SOX, but it has been a flip-flop affair and profits must be booked almost on a day to day basis. We are still in the midst of the post-fed news trade, but once we clear this week, bulls should hit the overdrive button. They need to.
This entry was posted
on Thursday, August 10, 2006 at 3:56 PM.
