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Tag Archives: Intel

The Blade Falls

Has the long-awaited “correction” begun? I’m still hoping we get a bounce in the next few days that will let us play the short side, but it’s looking more and more as if the stock market has put in a major top.

LOOK FORWARD, NOT BACK

I’ve had a couple of messages lately from subscribers ruing our sale of Intel (NASDAQ: INTC) last summer. “If only we had held on, we could have made another X percent,” the refrain goes. Yes, I’ve regretted our sale of INTC, too — for about five minutes. Dwelling on what you coulda/woulda/shoulda done is worth about that much time and energy. You can’t take back the past, so why agonize over it? You can only deal with the future, as it comes.

TOPPY, TOPPY, TOPPY

The stock market is edging closer and closer to a sharp mid-summer “correction.” I’m looking for a top Wednesday or Thursday this week, to be followed by a pullback of 7%-10% on the S&P 500 index. Why the caution? We’re seeing more and more individual stocks running into stiff overhead resistance. In early June, 581 NYSE stocks made new 52-week highs in a single day. Yesterday, with the S&P touching a new (marginal) intraday high for the year, the number of stocks recording new highs shrank almost 40% from the June peak.

OVERLOVED, BUT NOT OVER

The speculative sap isn’t just rising on Wall Street. It’s boiling! According to the latest Investors Intelligence survey of newsletter writers, bulls on the stock market outnumber bears by a margin of 3.6 to 1 — the widest plurality since the spring of 1987. Other polls show a similar huge jump in optimism.

SHORT 'EM!

As I write shortly before the market opens, the futures are pointing to an early burst of strength in the major stock indexes. Traders, take this as an opportunity to go short!

SHORT ‘EM!

As I write shortly before the market opens, the futures are pointing to an early burst of strength in the major stock indexes. Traders, take this as an opportunity to go short!