PM update:
Just a very small bounce off weeklyS3 for NQ and the selling comes back (stops!). SPX 1239 needs to hold now. Nasdaq Trin is at 4.64, an extreme (highest read of the year, in fact since early 2003, see chart) and at this point it makes me out of any shorts. Hogs get slaughtered. There will be plenty of time to reload.
Bulls get it back above 1787.75 and we could even see a short squeeze given such a high TRINNQ reading. We can get worse on those TRIN's, especially in a bear market, but it does not all happen in one day.
Kumar puts out a buy on INTC and AMD: link. Very few analysts have the courage to do so in a downfall (Morgan Stanley downgraded chips today right when SMH hit January lows: useless. He should read our blog when we went short the second week of August).
If you are short right now, be careful: we could get another Hank move pre-open. Bill Gross is calling for it: link.
Kumar puts out a buy on INTC and AMD: link. Very few analysts have the courage to do so in a downfall (Morgan Stanley downgraded chips today right when SMH hit January lows: useless. He should read our blog when we went short the second week of August).
If you are short right now, be careful: we could get another Hank move pre-open. Bill Gross is calling for it: link.
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on Thursday, September 04, 2008 at 9/04/2008 02:14:00 PM.
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