Tuesday, July 17, 2007

Nasdaq Index to Go Shanghai?

Making guesses about what an index will do in the short term is foolhardy. However, because I really do not care about being right, and am truly more concerned about what is probable, I will undertake the foolhardy task.

As noted in the chart, I will be a buyer or will add to existing positions should the Nasdaq pull back to the area of 2650s. If it doesn't pull back, I will still be a buyer, but at much higher levels...yuk yuk. I am expecting some weakness in the short-term due to options expiration, summer doldrums, and digesting of recent gains.

Based on the chart, should the Nasdaq continue up from here, it seems it might go Shanghai. I find a pullback to be more probable this week.


Woodshedder said...

Looks like I might be buying at higher levels :)

Anonymous said...

Except for GIGM. Check out asyt for a short squeeze/break out.

Woodshedder said...

M- bought more GIGM, for better or worse on the gap down.

Ragin' Cajun said...

Thanks Wood, I have returned the favor.