We got a high volume reversal on the good INTC news. The SMH never took out 35. To do it now it will take a lot of up volume. How likely is that? Especially with the sell signals on the BP Indices, inflation fears and the potential for an inverted yield curve (recession) in the future.
I wouldn't put a whole lot of faith in the 200 week sma either but I don't think it should be entirely discounted.
I'm just waiting for some significant signs that a bottom is in to get fully invested. I'm protecting my cash in the meantime. I think the next up cycle could net me gains on the order of 400% over the course of a year or so. But first we have to form that bottom.
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