This story was originally published on RealMoney on June 29 at 8:23 a.m. EDT.
Boy, how quickly everyone moved from morose to giddy. But that's what one up day in the market -- and one down day in oil -- will do to folks.
Yet, while I'm not trying to be a wet blanket, I am trying to be realistic. And a "realistic" view would say that the oversold condition will not go away immediately, especially as yesterday's move up came on some fairly unimpressive volume. The
Nasdaq 100 Trust
chart below doesn't exactly paint a buy-me-now picture.
Of course, maybe this is really the start of something big, and just like the fakeout the bulls received just a few short days ago, the bears could be in for the same sort of "treat." Still, until I see some new highs, or at least some broken downtrend lines, I have to remain skeptical.
Dow Jones Industrial Average
Sirius Satellite Radio
Charts produced by TC2000, which is a registered trademark of
Worden Brothers Inc.
And that is the final word from Princeton, N.J. where apparently yours truly has some hidden talents. Drafted at this past weekend's masters regatta to cox a boat made up of four petite 20-something coxswains, I urged "my girls" to an open-water victory.
Of course, I barely know starboard from bow, but darn it, when I called a "power 10" those ladies responded! A special shout out to my stroke, Chris; three seat, Jinny; two seat, Amanda; and my bow seat, Bess; for the quickest 500 meters Carnegie Lake will ever see!
Please note that due to factors including low market capitalization and/or insufficient public float, we consider Asta Funding and Kopin to be small-cap stocks. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.
Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.
Smith writes a daily technical analysis column for RealMoney.com and also produces a daily premium product for TheStreet.com called The Chartman's Top Stocks --
click here for a free two-week trial. While Gary cannot provide investment advice or recommendations, he appreciates your feedback;
to send him an email.