Looks more like $3.50 and the slow erosion continues.
Need something far steeper to stop the slide so the low $3's by the end of the week still looks quite doable.
A week or two of reality checks by large cap tech will take the Nasdaq down to a point where the upside will be explosive in a way not seen since the Fall of 2001.
Room for a nice 3-5 day rally from that kind of oversold..
I say 2250 but know that the current level of decline is not sustainable. This market is fast appraching total collapse, ala 1987. Of course that is as expected, but still a bit surprising when it happens.
Look at the Dow 1965-1982 portion of this chart. Scary stuff. Nikkei did the same thing for most of the 1990's.
easy cobra...you were calling for a late rally today...then when that didn't happen well maybe tomorrow because the markets are oversold at these levels...stick with long term prognastications...they're harder to follow.
My rally talk was more to point out that a range has opened on the stock. I think it is upside limited to the bottom of the gap.
Intel will likely help the market get on down to 2250 and a big gap or serious slide down to that point brings on a relief rally. At that point RFMD should be in the low $3's at DEEPLY ST oversold. Short covering alone could make for a hell of a pop on this one.
I continue ot think that for most, cash is the best answer and leave the fast trades to those who know how to let something go.