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John Ward
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Equities trader. I currently live in California. Email: john.authorego@gmail.com Twitter: JWard_73
  • June 23, 2010 3 comments
    Jun 23, 2010 11:13 PM | about stocks: BIDU, NFLX, CRM

    “Not with a bang but a whimper”

     

    Appears two themes are now winding their way to what should be quite the interesting little denouement.  You have on one hand certain former leading stocks that look to be fashioning almost blatant Head and Shoulder patterns, while on the other you’ve got present-day market-leaders pulling back and so far finding support at all the logical places.  While some would say these Head and Shoulders are far too obvious to work, the same could very well be said of the 10 or so stocks, the BIDUs, NFLXs and CRMs of the world, which everybody seems to be watching like hawks.  That then begs the obvious question: Which of these two obvious themes will end up working?  Could be the answer is neither, as I noted in last night’s commentary.  Could be we just chop and slop our way from here on out, moving around a lot but ultimately going nowhere, thus making the most amount of people unhappy as possible.

     

    So whether it’s all these Head and Shoulders or all the stocks that found support at their 10-, 20- and 50-day moving averages today, everybody sees it.  Nobody wants a market that goes nowhere, so it could be that’s just what we will all get.  The market doesn’t offer refunds to unsatisfied customers either.

    Enjoy the show! 
       



    Disclosure: Long: SPXU, TZA, SQQQ; short: V.
    Stocks: BIDU, NFLX, CRM
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Comments (3)
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  • joey554
    , contributor
    Comments (605) | Send Message
     
    Netflix is so overvalued it's stock price should be in the $50 range!!!!!!!
    24 Jun 2010, 11:03 AM Reply Like
  • Monster Stock Trader
    , contributor
    Comments (25) | Send Message
     
    Check out CSCO's p/e during the 90s....you would have missed a 70,000% return.
    28 Jun 2010, 01:58 PM Reply Like
  • Monster Stock Trader
    , contributor
    Comments (25) | Send Message
     
    Now time for the market to shake off the bears then wash rinse repeat
    30 Jun 2010, 06:32 AM Reply Like
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