Slope of Hope: sox

sox

Look at this chart very carefully. Blow it up if you have to. Note what SOX is doing at the top BB vs. what it did pre-market blow off in 1999. Also note that it is at new 10 year highs but must close March that way to confirm breakout.

Image added from biiwii.com/wordpress/2014/...t-leadership/

Comments

rayman29

jackwad 3/5/14

Booboo, Degrowth Defined →

Why would a breakout not confirm? ALL IS WELL! 3/5/14

NFTRH

Jackwad yourself... clown. 3/5/14

Dink

I've looked at the SOX a bunch recently and let me tell you what I see. I see a potential major 10+ year base. The problem is too many people are noticing this base, which means it is unlikely that it will have a true breakout up here on the first try. Another issue is that the earlier breakout above $450, which led to this trending move, has not been retested in bullish fashion. My guess is we need to retest $400-$450 before breaking above $600. 3/5/14

NFTRH

Very possible Dink. But what I find most interesting is the creeping along the top BB, like in 1999. Not really sure about whether what everyone sees matters in this market. So the point of the chart is that it fits with a stock mania scenario if the breakout does hold. 3/5/14

Dink

Lucifer help us all if that happens. 3/5/14

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