Wednesday, December 19, 2007

12.19.07 - Bad News Saturation?

Today's action gives me the feeling that the bears sense that all the bad news that's out there has more or less come out and it may be time to cover for now.

This morning was looking very constructive IN SPITE of more "bad news" until the longs decided to play whack a mole with their best positions to take money off the table. If we can hold this dip here and reinstill some confidence in this constituency to let profits run, maybe we'll see some more upside progress.

Overall, slope of Tick and A-D are flat, which at this point is good.

PM UPDATE: Another good intra-day call. If only I could do that every day... Stellar Nike and Oracle earnings after the bell. A slew of additional "go-long" signals have triggered, including the revised Sentiment model. I'd just like to see some more conviction and follow through here... it's a bit of a worry.

No comments: