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Tuesday, October 30, 2012 2:04:21 PM
“The White Hurricane”
By Jeffrey Saut
* Monday, October 29, 2012
The call for this week: It’s been said when you get a headline, a picture, and a lead story about “anything” appearing on the front page of a major newspaper, the end of that theme is near. Over the weekend the front page of Barron’s had all three of those metrics along with the byline, “Money managers turn surprisingly bearish.” Moreover, the only sector that has been smashed in this pullback has been Technology, while most of the other macro sectors merely consolidated. Hence, if technology can bottom (its seasonally strong period is October – December), it could set the stage for decent tech price-performance into year-end, potentially carrying the stock market along for the ride. This morning, however, the markets will be closed due to the hurricane. If they were open, based on the current preopening futures, it looks like the 1390 – 1400 support level would come into play with the potential of a breakdown below 1390 a possibility as hurricane Sandy heads to town, so batten down the hatches and rig for heavy weather…
http://www.raymondjames.com/inv_strat.htm
George.
Click on "In reply to", for Authors past commentaries.
By Jeffrey Saut
* Monday, October 29, 2012
The call for this week: It’s been said when you get a headline, a picture, and a lead story about “anything” appearing on the front page of a major newspaper, the end of that theme is near. Over the weekend the front page of Barron’s had all three of those metrics along with the byline, “Money managers turn surprisingly bearish.” Moreover, the only sector that has been smashed in this pullback has been Technology, while most of the other macro sectors merely consolidated. Hence, if technology can bottom (its seasonally strong period is October – December), it could set the stage for decent tech price-performance into year-end, potentially carrying the stock market along for the ride. This morning, however, the markets will be closed due to the hurricane. If they were open, based on the current preopening futures, it looks like the 1390 – 1400 support level would come into play with the potential of a breakdown below 1390 a possibility as hurricane Sandy heads to town, so batten down the hatches and rig for heavy weather…
http://www.raymondjames.com/inv_strat.htm
George.
Click on "In reply to", for Authors past commentaries.
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