Wednesday, February 28, 2007
Tuesday, February 27, 2007
I expected to see an event igniting a quick rally, but now we see a massive selloff caused by the fear spilled over from overnight crash of China stock market. Readers know I was not optimistic of China stocks, I just did not participate a crash like that, and that would be the killer of US market. Anyway, be cautious. The decline is not over yet, it is just a start.
Monday, February 26, 2007
This is the daily chart of the NASDAQ on 4/24/06,looks familiar? I know the current NASDAQ chart looks similar. Are we gonna have a weak spring started a month earlier this year? I don't know, but I do know we need the Financials to be stable here, to have a healthy bull market. Frankly, I become more concerned as days go on.
Friday, February 23, 2007
This is the weekly chart of FDX, which is at all time high. It is hard to believe our economy sucks while Fedex is trying to break out. I know I may sound contradicted, but the market is deemed to make us confused. Anyway, I think we will see a quick rally soon, now we are just waiting for a event to ignite it. What event? I don't know. So let's wait to see.
The financials are giving back the recent gains. BSC is down $5, LEH is down $3, MER is down $2, MA is down $2, CME is down another $8. I am concerned by the money rotating out of the financials, even though I am encouraged by the strength of the semiconductors.