I don't believe the S&P 500 made it all the way back up here by accident. Therefore, moving forward, the only sensible strategy is to buy every dip. Follow the trend, not the pundits and self-proclaimed 'experts'.
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My intermediate-term forecast for the S&P 500, based on the
Harmonic* Elliott Wave model, still calls for an 'ideal' target of 1510 to be reached in the coming months.
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This week alone, I received about half a dozen inquiries concerning Acme Packet (APKT), one of the notable high-momentum stocks of 2011. Apparently, last summer's tax season was especially rough on this former member of the 'millionaires and billionaires' club of high-flying stocks. Pressured to pay its 'fair share', APKT ended up hemorrhaging almost 73% of its net worth. Who the heck is running this tech republic?
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Even though the S&P fell just short of my upside target of 1370 on Wednesday, the subsequent action convinced me that the interim high is in place. The much-awaited pullback, however,end up being much shallower than most people think.
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The MARKET is PEOPLE; it inhales, exhales, and occasionally exhibits mood swings. Therefore, to blindly do what others are doing is to put oneself at risk of being herded.
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The Cloud Computing bunch gave us a scare back in December. Now that the dark clouds have finally cleared, VMW is emerging as a strong cloud play with a silver lining.
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The corrective pattern has unfolded in a sideways manner, as suggested by the alternation guideline. Despite the bearish divergences, I still expect the 1370 upside target to be reached soon.
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Much to the bears' dismay, the S&P continues its upward journey towards what I believe will eventually prove to be an interim top: 1370.
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The chart pattern continues to suggest the S&P 500 will reach 1370 before the start of a corrective reversal.
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BIDU is starting to show its hand here. My forecast is still calling for an upside target to threaten the $200 level.
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