Yah nancy , but each day you have to trade the scenario , and take into consideration the other action and signs/tip-offs.
The networkers today and the past few days were giving clear signs of bottoming out & preparing for bounces ie: FDRY and CSCO's action , and the bidding up of the momos eBAY and QCOM that traders know will squeeze later on in a contrarian market . CSCO's bounce should not have gone unnoticed , it was right there happening , so sometimes you forget the charts.
Sure you can be fearful ahead of INTC's MidQ , but todays action relative to that future date , and the tons of selling on them already , gives the hedgies a perfect day to take profits too on much larger positions than you or I cannot imagine easily . These guys went short back up @ $33's Nancy on huge amounts of shares , they don't want to lose profits either , even if INTC is to dip down to the $28's still ?
If INTC were to go to $28's and lower , you have a whole lot of trouble going on... but the main thing I focussed on regarding AMAT was that test and support at $20.90 for this weeks trading scenario. That support you can very clearly see on the chart .
Again , if INTC does break down lower as you suggest , then you can get out your bear suit and keep it on all thru the spring !
Want to go play up in Alaska and look for gold and ivory ? ;-)
But that would completely negate everything alot of certain "believers " have been telling us all along , wouldn't it ? Those are the guys they want shaken out .
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