Seeing a bounce. Is it sustainable? Any bounce has to be led by legitimate Nasdaq stocks, as that index has been down for five days now. The baton must be passed from Ballard Power Systems (BLDP), Plug Power (PLUG) and FuelCell Energy (FCEL) to Google (GOOG), Yelp (YELP) (good news with Yahoo! (YHOO) tie-up), Celgene (CELG), Gilead (GILD), Workday (WDAY), Cornerstone OnDemand (CSOD) and Concur Technologies (CNQR).
Why is this? Because that would show that the froth is being run down and that the "blue chips" of the Nasdaq are beginning to get money in after a nice rest.
If we don't see this, by the way, and if we return to the willy-nilly buying of the fuel-cell stocks (I am doing a video with Dan Dicker about these today) and Fannie Mae and Freddie Mac, then I can tell you we are not done going down.
Yes, indeed, it is that binary. Kind of scary binary, because a lot rests on the speculators being crushed for the next leg higher.
These stocks can't all go up at once. This is a time-honored dichotomy, and to the victor goes the bull if we get more established Nasdaq names to stabilize, or to the bear if we don't.
