Thursday, January 18, 2007

Thoughts on the day -- Jan. 17, 2007

The Nasdaq bulls got crushed today. With the high volumes, bearish internals and technicals, more downside is in the cards. Just saw IBM got smacked down in AH following its Q report, not sure what was the negative the market is reacting too, but whatever that was, it seems pretty clear by now that people are looking for reasons to sell/take profits, whatever you call it. With IBM down right now, it looks very likely that NASDAQ will test its MA50 around 2420 tomorrow, If it closes below MA50 on heavy volume and bearish candle formation, look out below!


Bubs said...

Agree market looks like its struggling and the earnings are only going to make it worse.

flyingwabbit said...


congrats on your put trades, I am very impressed with you uncanny sense of bears :)) on the other hand, I do feel that sometimes you put more weight on your own sense/judgement than what charts were saying, which I don't really know if it is a good or bad thing.