Bear at the Door

The bears are hoping to raise their flag if they can get another ugly down week. Tech, which all the other stock indexes had been tethered, got a dose of 'get out' from the professional side. As we stand, the NQ 100 cash is sitting 12.5% off of the August 16th reversal lows, with the SP500 cash plus 6% and the DJI sitting on a narrow plus 4%. Closes under the summer lows would provide the technical resistence area the bears could defend for some period of time. Relative to the other indexes, the tech play started back in June and as of late had left few opportunities. While Google and Apple are many times the face of the tech return stories, they become merely speculative trading stocks at the end of a run when values become stretched. They may catch late comers in those stocks with serious losses. The definition of a long term trader is one who is stuck with a loser. It may be the buy and hold crowd's turn to hang-on, but the bear's success will depend on tech.