The indices are bumping up to resistance again. You have to make up your own mind on your risk tolerance, as to whether you want to take a short here. AAPL is testing the resistance Chuck talked about it his previous posts. Why is the market doing this? Many people believe the bottom is in and things are going to be fine from here. Apparently, Kudlow (CNBC) said he thinks the Dow is going to 16,000. Dick Bove is still hawking the financials, analysts are upping price targets, and hope reigns supreme. Volume overall is low, but a little higher on the Nasdaq. Symantec (SYMC) came in with decent earnings and guided higher, and some analysts are pushing RIMM, so everyone wants in tech now. It won’t last, IMO.
New lows outpace new highs, volume low. This says the rally is being carried by a few stocks. Enter long at your own risk.
3 Comments
May 1st, 2008 at 2:25 pm
Lisa,
Same thing happened on April 1st.
I called it an April Fool’s Day joke.
Market Makers are having their
fun squeezing the retail shorts.
No institutional money that I see.
Noel
May 1st, 2008 at 4:11 pm
Chuck and Lisa,
Can you give me your thoughts on the XLF after today’s move?
Thanks for all of your help and insights.
May 1st, 2008 at 4:14 pm
Yes, we will do that! Give us some time to put things together
Noel-May Day, April Fools Day. Hmmm….maybe somebody wanted a do-over on the April Fool’s! Felt they didn’t fool enough people the first time around.