I’m conflicted, as you can tell by the headline. On one hand, it is my utmost desire to see stocks die and the country burn 10,000 deaths for being so gravely stupid. All of the people who’ve presided over the ruinous fiscal malfeasance should be drawn and quartered.
On the other, I want the melody to continue and the waltz to commence. I enjoy the rarified air and the perfumed scents of the finer people; and I laugh and mock those on the outside looking in, as they peer into our world with murder in their eyes. During a different part of my life, I was on the outside looking in. I too wanted to kill and maim all of you — but now I’m beholden to nothing but the bottom line, and of course the confines of iBC and Exodus and the people who are loyal to me.
That said, the recent drawdown has been severe, almost deleterious, for the tech sector.
A few things to consider.
The Application Software overbought/oversold oscillator is very oversold now, implying the SAAS sector is overdue a bounce.
The overall market indicator IS NOT oversold, implying we might have further to fall.
The recent losses in the tech sector have definitely produced some margin calls. Because of this, any rallies should be suspect for about a week. These rallies will be used to liquidate positions and that could lead to a series of frustrating failed rallies, circa 2014.
Nasdaq futures are +20 now and that means absolutely nothing.
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CBLK is SAAS, not aBasic Material, check the industry