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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who wrote (22516)3/29/2000 12:48:00 AM
From: Lee Lichterman III  Read Replies (1) of 42787
 
I am actually a bit more bearish tech than I am non tech. I could see a pull back to 4100 NDX but that is if we don't bounce tomorrow. *IF* they are going to turn it back up, they need to do it tomorrow or else it is a sucker play for more downside next week. We are roughly around the Fib retrace level already of the last leg up so a bounce here would fit nicely but I don't like the action I am seeing in some of the old tech darling stocks. I am the opposite, I watch the NASDAQ more than the NDX and I am targeting the 4700 area on it if we don't bounce right away tomorrow afternoon.

The non techs are appearing to be much healthier. GE and many of the other DOW stocks are looking like consolidation pullbacks while some of the techs are just plain dropping hard. There were some double bottom P&F breaks and the 3 line charts are threatening to turn down on a few more of the techs also.

If I go NASDAQ, I will probably stay with telecom and a very very few select issues and save the rest for short plays later. <ggg>

I am actually hoping for some more weakness in a couple tech stocks so I can buy them longer term and sell calls to start a income generator due to work slowing my short term trading game. I fgure if I sell CCs, I can lower my entry price and if I get called out, oh well, that means I made some money right? <ggg>

Good Luck,

Lee
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