Friday’s Tech Reversal

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First of all, I want to thank everyone for their warm, positive response to my Streetwise post. I didn’t put the post up to solicit donations for the man, but some of you went out of your way to find some way to get me cash for Zachary, and I’m quite moved by not just your generosity, but the fact it came out utterly unsolicited.

As shown below (names hidden – – and this is just a sample, because there are plenty more), the cash is tumbling in, and if you’d like to add to it, just Paypal to – – there’s no doubt we’ll “beat” his old record of getting $500 from someone. Indeed, way more. It occurred to me briefly to ask for donations when I did the post in the first place, but my motivation was to share a moving, inspirational story, not to ask for money. Thus it makes your giving all the more genuine since I never mentioned it in the first place! So bless Slopers.


On a different topic, I just wanted to revel a bit in Friday’s unexpected reversal of fortunes in NASDAQ leaders. Before the fall started happening, I put up a post for my Slope PLUS readers called Resistance which stated, in part, “First off, the NASDAQ is getting, shall we say, a little wobbly. The past five days, on an intraday basis, show a lot of dangerous dynamism” to which I added “you can see the nosebleed levels we’re at right now, and how this week seems to represent a serious “stall” to the tech-ascent.” I offered them, at the time, the chart below to suggest a reversal point in the Russell 2000 (which had been terribly strong, and at record highs). Much to my relief I did the post at almost precisely the lifetime high. (The screen shot shows the circles at which I was suggesting reversals take place).

Here are some specific instances of those Friday reversals: