<<(2)Did the intraday low (1/5/00)on the NASDAQ set a bottom from which the
techs can go higher?>>
I seriously doubt that NADAQ has hit bottom. What happened yesterday was just a bounce reaction IMO (shorting opportunity). I expect NASDAQ to continue lower for the next few weeks. Once again the interest rate worries have surfaced , so I'll wait with opening any new positions until the Fed meeting in February, at least.
You got to get used to the fact that market goes in waves. For a few weeks the don't worry about anything, for the next few weeks they do, ..., its always like this and it will always be.
I sold half of my positions after New Year (didn't want to pay those taxes), and went 50% short in my portfolio on Tuesday and yesterday. It was reasonable to expect that a lot of people who had huge profits from the latest rally will start getting out.
Also we are about to enter the earnings season. Watch for companies who will show good earnings, they will rebound first and stronger than others.
As for SPYG, I sold Jan 40 calls on 75% of my position, when we were at 50. Sorry, folks, but I think they will expire worthless. Than again, I may be wrong, and I will have to buy them back.
IMO.
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