Question... Where is the Dip buy.... It seems ridiculous to me, that as Ridiculously strong as the QQQQQQQQQ's were(did I say stupidly strong). They needed a pull back....That trend line, even with a Monday pull back, still wouldn't be violated. And the question is... Where is the "Dip buy" With the nazdaq being the last to show strength, one could suggest that it will be the last to make a new high.
Another thing I noticed about the Invivo screen..... Sure are a lot of Winners, and not very many losers.
Saturday, August 23, 2008
The NAZ
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Yes, lots of winners in Invivo. And across all sectors: retail, semis and even homies. Retail keeps coming up with good picks for me. Took nice profit in TGT, but KSS has had nice run. Is your beef just based on the sector rotation thesis or are we approaching anxiety after climbing wall of worry?
One compelling one on Invivo is PPC, off a double bottom, contrarian play to agriculture, looks like a good bet to go from 17.5 to resistance at 25. Probably watch to see if it drops back to a higher low, say 16-ish.
If tech pulls back, buy the dip could be good for EMC-- on the Invivo list.
When that screen hits "mostly winners" or 95% winners. It means we are Nearing the "Top tick" in the indexes.
Remember different sectors are in different sentiments.
Financials May have just retested their lows, and might be in anxiety/wall of worry.( but also, they could hit euphoria in 3 days)
While Retail could be moving from "Buy the dip" to "Euphoria".(but there is no chance in hell Retail is going to run another 15%. It has to "Mean Revert"
Oil either is bottoming or is about to bottom with some discouragment, as we can use the "Joe Teranova" metric.
Maybe Materials have already hit Discouragment.
When the market fell back and broke support a week ago, it went into "Buy the dip mode"(either that or it's going to make a Lower high).
It's a "market of stocks" not a "stock market".
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