Zeev, with the S&P neckline sitting there and not having been tested fundamentally, it's a natural target at SPX 866. If it were not for that neckline, I'd be satisfied with SPX 847-850.
zeev...music to my cold, snowy ears re "My bet is that tomorrow we get our traditional G&C and by this time next week, the trend discussion will be not when do we top, but when do we finally get a bump...."
Technology stocks were underpinned by a steep rise in the Philadelphia Stock Exchange Semiconductor index (Philadelphia:^SOXX - News) on Friday and by confirmation of solid chip equipment sales at the end of 2002.
Industry group Semiconductor Equipment and Materials International said global sales of chipmaking equipment rose 43 percent in December from the month before to $1.82 billion.
Seems to me the Friday ramp was so sudden and so late that potential sellers did not have time to decide. After a long weekend I would guess there are many stops set just under the market and a bit of down... and we have a waterfall.
Zeev, If the past is any guide the COMP/NAS will have a tough time sustaining a serious run without the SOX joining in. The resistance at the 282 to 285 level is so strong that Im using it as my break or fail for the COMP on this move. My bet is with you, GC. All of this is of course, IMHTO. rz
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