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| User Info | Suttmeier (dated 12/1): Bear Mkt signal still seems intact; entered at 2007-12-01 18:18:30 | |||
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Marginnayan Posts: 11278 Registered: 2007-06-27 Annihilate Goldman Sachs Bastards. Period. 
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My Fearless Prediction for the Week – I disagree with the Wall Street consensus that Technology will lead another leg of a bull market for stocks. The Philadelphia Semiconductor Index (SOX) is down 11.2% year to date and 24.5% off its multi-year high set in July. This is bear market territory. Many tech stocks rebounded last week, and I cover twenty for subscribers to Sector Report. All twenty show declining momentum, so even Apple (AAPL) and Google (GOOG) are below all time highs set on November 7 at $192.68 and $747.24 respectively. While Apple and Google were setting new highs, the Dow Transports closed below its August 16 close at 4672.35. Then two weeks later on November 21 the Dow Industrials closed below its August 16 close of 12,845.78. This generated a Dow Theory Sell Signal. The Dow Transports would have to close above its July 19 close of 5446.49 to reverse the BEAR MARKET signaled by Dow Theory. The technical negatives are thus: The Dow Theory Sell Signal, the bear market in financials, and the bear market in semiconductors. Since you cannot have a bull market in technology when the chips are down, my Fearless Prediction is that the NASDAQ will stay below my quarterly pivot at 2697 this week. Friday’s high was 2696, so this is a gutsy call. If I am wrong the 50-day simple moving average is 2720. - Live Update from my reliable sources - Richard Suttmeier’s Last modified: 2007-12-01 21:57:02 by marginnayan | |||