Market Appears To Be Deciding
August 16, 2008 7:02 PM
The longer we stay up without reversing, the stronger it may become. I am extremely skeptical of almost every sector here however. Retail going up is a joke. Big financials like American Express (AXP) should not be bought - period. Energy and commodity stocks, which have been the primary source of SP earnings increases are in trouble. The only sector that has been strong is tech. If we get that to roll over with bad data, the game is over.
ADI appears to be a short under $33.58 here. But the sma’s may hold the stock, not sure. But I would not be long it here, for sure.
It is difficult for me to make firm calls here as the market keeps trading on trends and sma lines and refuses to reverse. If we and when we do get a firm reversal, the action may pick up in a hurry.
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