3SOF

Here is some chats and my take on some of the heavy weights in the nasdaq and in tech. Its not looking pretty atm.

AAPL-  High volume sell off close near the LOD. Chart is shows a strong chance of a break of the 50dma tomorrow or next week. Dissapointing foward guidance released yesterday.

CSCO- High volume sell off last three days and strong bearish break of the 50dma.

DELL- High volume sell off last few days and strong bearish break of the 50dma.

INTC- Very high volume sell off last 2 days and strong break of the 50dma. Bad fundamental news recently.

MSFT- Neutral on this one very little movement slightly down on average volume. I think this is one of the least risky of the tech stocks because lower growth is already expected at this stage of Micrsoft and also it has a nice sizable dividend.

YHOO- Average volume sell off last 3 days still at support at 28 about 1.00 above the 50DMA. YHOO is looking to be on the stronger side of the bunch, but a couple days of a sell off could change that and send YHOO breaking down below the 50dma.

GOOG- Average volume sell off last 3 days. GOOG is close to its 50dma, one or more trading sessions It may breakdown below it.

EBAY- High volume sell off last 2 days. Has been below the 50dma for a few weeks, bearish trend looks like it will continue.

AMZN- High volume sell off last 2 days. Has been below the 50dma for a few weeks, breaish trend looks like it will continue.

TXN- High volume sell off today. Unable to go above 50dma, drifting lower weak techincally. Today broke through strong support at 28.50 which is not a good sign techincally.

RIMM- High volume sell off today, Broke 50dma two days ago. Techincally RIMM looks very weak atm. I would expect it to test support at 115 soon.

HPQ- Average volume small sell off last 3 days. Neutral on this one unless a break of 41 occurs.

I could add several others to the list but I think we can clearly see a trend here and technical weakness across the board. It is only a short time from now I believe the nasdaq will be trading under the 50dma and below.

Here is the rest of the charts.

And finally the chart of the Nasdaq and DOW. Nasdaq sitting right above the 50dma looking bearish and the DOW is sitting above the 50dma by a comfortable amount.

Nice
Thanks
Check out this article I just received.
Looks like a big game of chicken is going on between the US and Iran.
Something big (geopolitically) might not happen after all.
Fear and Greed......
It's very interesting.
Best
GMan

Wow, Nullzero,  that chart on RIMM looks like a great short setup to me. What do you chartists think? Could it go back to $86 to fill the big gap left from late Sept? I think I might short RIMM at open tommorrow, have to study some more first. Any advice from the technicians?

http://charts.barchart.com/chart.asp?sym=RIMM&data=A&date=011807&den=MEDLO&divd=n&evnt=ADV&grid=Y&jav=ADV&size=C&sky=N&sly=N&vol=Y&late=Y&ch1=013&arga=&argb=&argc=&ov1=021&argd=20&arge=50&argf=200&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&code=BSTKIC&org=stk

It may very well be possible. I think with the increased competition in the cell phone industry and losing its competitive edge (use to be the only one with email on the go.) there is not much difference between a blackberry, samsung blackjack, or apple iphone. The only difference is the price, chassis, and interface. The technology all cellphones have like cameras, wifi, broadband internet, storage, etc. So I would say the cellphone industry should see profit margins shrink with increased competition. On the fundamental outlook I would short RIMM, with a P/E of 49 that is on the high side... AAPL has a trailing P/E of 39. Technically it doesnt look good for RIMM. 50 dma was recently broken on the downside. The 20 dma and 9 dma are heading to breakdown below the 50 dma (This is a good indicator of a bearish change in the stock, not to mention breaking the 50 dma is a clear bearish signal.) Also the bearish cross on the MACD and the change from positive to negative MACD territory. I would say 110 is a good bet and 80s could even be possible.

Thanks, Nullzero. I intend to short near the open.

Put a 7% stop loss in just incase. Looks like today RIMM is taking a breather on the downside atm. I think we are going to see the Nasdaq in red again soon however.

Nullzero, you ever check out Robert News' charts on the indices? Many pages, check it out.

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936

Thanks, I havent seen that area before. It looks useful thanks for the link.

Just shorted some RIMM a minute ago. Shorted 100shrs @ 124.53 the second I spoted some intraday weakness on the QQQQ and RIMM slowing down on its small runup I shorted. The 9dma and 20dma are both going through the 50dma today on the weeky chart. More then likely we will see a continuation of the bearish trend for RIMM.

I thought this was the Major World Indices Board, 
and this was the Look at the DOW Thread.
Excuse me, but you guys turned this into your own personal short picks of stocks thread.You should have created a thread for this on The Personal Logs Board. Do that and I will move these post to that thread.

Yeah sorry about that got off topic there after I brought in the tech stock charts part of the nasdaq. I made a thread a while back called "Short Thread!" you can add the posts under there for RIMM. Have to get use to using PMs more often hehe thats why its there.

Anyway here is an updated chart of the DOW. Nothing much happened on the DOW today more of a neutral day however some interesting reaction to earnings news. GE reported nice earnings but got hit today for -%2.76. IBM also got hit for -3.3% from earnings news. Those two stocks were the two big ones dragging down the DOW today. While XOM, GM, and AA helped counter the losses. The DOW is still very much in a bullish uptrend channel. It will be interesting how the indies act next week they seem to be wanting to sell off on any news even good.

That Short Thread is located here.
http://www.3stocksonfire.org/trading/index.php?topic=6366.75
Go there to continue this discussion on short picks in stocks,
after all, This is "Look at the DOW thread"
Thanks

DOW is looking increasinly bearish. Market seems to have turned in the short term to medium term with the trend.