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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 691.72-0.1%Jan 16 4:00 PM EST
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To: Johnny Canuck who wrote (21667)6/30/1999 3:48:00 AM
From: Johnny Canuck  Read Replies (1) of 69853
 
Lachesis,

Interesting the number of stocks below their 200 SMA has been stuck in a trading range of 20-22 for the past 6 weeks despite the rise in interest rates. This level indicates the market is overbought but it also indicates good rotation. Amazing we could go higher if we get a predictable interest rate outlook.

Good luck on the new job. When I was doing interviews earlier this year, I ran into a similar situation. I can't say I liked the way the group was managed though. They grew from 200 employees to 1500 in 3 short years and they were trying to keep the consensus type of management style that worked when they were small. It's great for keeping everyone involved, but difficult under tight schedules as they is no one to call the play. It was even tougher as they were under an accelerated product schedule. You want to get your bonuses up front in that situation.

Out of town tomorrow, but it should be interesting. Today's action indicates people are in a mood to buy, but I would not be surprised if they sold on the news. Intermediate term, it looks like we could rally through earnings though. After earnings should correspond with the end of Techfool's buy signal.

Harry
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