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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: HairBall who wrote (16777)	6/10/1999 10:45:00 PM
From: StockOperator	Read Replies (2) of 99985

LG and thread. Turning points on the charts can sometimes be a terrible time in the markets (as far as action is concerned). Simply because the daily battles between the bulls and the bears is ongoing and the trend is still being decided. Despite the downside action today in the avgs I am becoming more convinced that these major support areas for stocks and indexes will indeed hold. I believe the tech's are at their bottom and should start to move up very soon. Actually there are a handful of stocks that are already beginning to move higher to include: PMCS, NSOL, INTC and even the generals like YHOO and AMZN are acting like they want to break out here. There is no doubt that we have seen some major carnage in the prices for many in the nutz sector. I believe the smart money has accomplished a great deal these past couple of months creating an atmosphere of fear over this sector. Of course it's still early but I believe the MM's inventory of stock is filled to the brim, anxiously awaiting the opportunity to distribute them to a waiting public. If you want to get a good picture of prices being taken to a critical point take a look at KTEL. Look at the last three weeks on a weekly chart to see how they've boxed this stock into a "do or die" position. My point will be better enforced by looking at today's action (range): $6.03-6.06 34,000 shares. I believe this has been true for many stocks across the board when they are forced to their long term support levels. Look at NSOL which has been moving the last couple of days, this current bottom represents the abyss for the overall trend. So I still believe that we are sitting at the turning point. A point where these reversals will become more apparent as the month goes by. The resistance on the charts should be enough to prevent too much of a rally but just enough for prices to climb higher and set themselves up for the end of month FOMC meeting. There is still a lot of time between now and then and of course plenty of time to be proven wrong. So I will be constantly reassessing the daily action. Profitable trading. SO

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