Working All Day, But Trading Behind the Bosses Back Thread Message Board

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Strategies & Market Trends : Working All Day, But Trading Behind the Bosses Back Thread

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To: Mark[ox5] who wrote (541)	2/18/1999 12:58:00 AM
From: Mark[ox5]	of 779

Just looked at charts at a lot of leaders CSCO, MSFT, SUNW.. all at 50 day moving averages.. and I mean, right AT THEM (i.e. 1/4 point or less above!!) NASDAQ is right at (slightly below) 20 day moving average.... On the negative side.. any rallies are quickly rebuffed... so tommorow maybe we open up.. but what happens by 1 PM.. we seem to sell off everyday btw 1-2 PM... On the one slighly positive side... Volume on sell offs seems to be falling which usually indicates a short term bottom (no more sellers) as I have been saying. Problem is the mutual funds seem to be sitting on the sidelines as well.. waiting for some sign... to buy back in. Maybe its tommorow... maybe not. But if tommorow is a bad day... then you lose support on a lot of these key tech stock leaders and that could be very ugly. 200 day lines here we come? It seems sort of overdone at this point.. inflation non existant, economy strong, world markets (Asia/South America) if not recovering strongly are holding steady...so it seems that this is just a correction based on these tech stocks being the only ones going up for most of January (refer back to earliest posts on thread when everyday it was: well tech is up, but no strength in health care, financials, etc) Well now we are paying for it huh? :) On an individual stock basis: The best chart Ive seen all night after looking at about 20 is CNET.. amazingly holding its 5 day average... somehow. Have some APRIL calls here.... Also, its a shame ZD (CNET competitor) is bringing its IPO out in this environment... would of been worth a nice jump in a normal environment. ZD actually was up slighly today... but not much. CMGI & AOL are shaping up as just really solid co.'s.. I love CMGI's announcement today for a competitor to BCST. I didnt even realize I used BCST's product earlier this fall when I listened to a college football game on the computer. I thought it was RNWK product at the time.... so it reminds me of when I first used YAHOO a few years back and was amazed at this new technology... if I had only invested back then ... hehe P.S. TBFC was up today too :) - i like this one long term too.. thanks to Steve for bringing it to attention Oh well..we shall see tommorow... weeks like these past few sure make me more productive at work though... lot less trading ;) Mark

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