Friday's late session weakness was not inspiring if you're looking for opportunities on the long side. The NASDAQ 100 is still above water in terms of technical damage, but if the bears maintain control, it won't be long before our beloved, big tech growth stocks fall down too.The McClellan oscillator is in the extreme oversold zone so I'm betting on a relief rally early in the week. I won't put any real money to work on this bet unless I see some solid signals that money is coming back into the market. So my strategy for next week will be the same as this past week - keep my open positions on a tight leash and don't try to be a hero.
2 comments:
Jamie,
Do you think HOKU's bounce back has leg uptrend? I read your blog and likes a lot. Thank you.
Anon,
Not sure, let me check my crystal ball ;)
Friday's action is promising - bullish engulfing bar at the 62% Fibonacci retracement level of the June low to July high. But the markets are weak, so I don't know if HOKU will get much of a bounce here.
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