Replies to post #4752 on Trading with Jerry Olson

[Jerry Olson]

FROM MY PRE MAKET UPDATE THIS AM!!!!

Good Morning all

The dip buyers were out in force yesterday as we gapped down early and then began a slow but steady rally to all time highs on most indexes at the close. Everyone and their grandmothers is talking major serious correction gotta love that folks. While the markets continue to rally day after day the worry warts are coming out of the woodwork like you could not believe. It's because they do not believe ands that's a very good thing. What was an important "TELL" yesterday was the Naz volume out paced the NYSE volume by 50%. Tech was being accumulated as the NASD-COMP is very near a major breakout at 2520 on the charts. Then despite the early pre market downgrade of the Semis Sector the SOX managed to print a hammer on the daily and could surprise over the next few days. Let me tell you all right now, if the SOX can ever get over 495 along with the NASD over 2520 that confluence of the two indexes taking out important prices in my opinion would catapult the whole tech sector to new highs. I actually think that could happen "before" we correct substantially. Now look we are all watching in earnest for this coming correction, and trust me it will be fast and furious just like the May 2006 to June 2006 slaughter. But for us to try to "call it" is ridiculous and senseless because it's absolutely not important to daytraders so forget it for now. It's like I mentioned a few weeks ago about ignoring Crude, you already see what I meant by that statement. The street has this discounting mechanism which says if you cry wolf for too long a time, then who gives a damn. They begin to ignore these events and move forward into a new improved area to worry about each day. For all intents and purposes I am stating what I've pounded the table on for months on end. Buy the dips, stay long, till it changes my mind!