We just got a much better than expected ISM Services report ( 65.1 vs. 58.0 consensus), but the market is selling off pretty hard (so far) on that number. If you didn’t believe the character of this market has changed you have to believe it now. Either the good news is all priced in or [...]
Posted by 5 August 2003
Mirror Image of Thursday
This trading range just won’t break. The NASDAQ and S&P dropped quickly to their lower Bollinger Bands in the morning and bounced right off of those bands. The action made hammer-like patterns on many charts, which I normally take as a very bullish sign. But I’m not very impressed with these patterns because volume wasn’t [...]
Posted by 4 August 2003
STOR is No More
I don’t know how many of you followed StorageNetworks (STOR), but it was one of those red-hot IPOs from the bubble days. It was on all of those hot company lists (the likes of Red Herring and Upside). The story was so compelling that the stock price shot over $150/share shortly after the IPO. Given [...]
Posted by 3 August 2003
Chinks in the Armor
Posted by 1 August 2003
Watch Those Bonds
Yesterday’s Worden Report was too good not to post: Poison Gas Blue chips broke rapidly at the gate today, breaking out of patterns that just a day earlier looked sickly and hopeless. This was all on better-than-expected economic news. Later in the day, when it was realized that bonds were plunging, the party broke up. [...]
