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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Roger Schelling who wrote (96708)5/8/2000 11:09:00 PM
From: Jenna  Read Replies (2) of 120523
 
marketgems.com Not an easy chart. Note that on previous uptrends the nasdaq 100 was trading ABOVE its 20 day Moving Average (red line). Some cases it bounced off its 50 (blue line)day moving average nicely, but the 200 (maroon line) day moving average was always support since about last july. Classically you should measure the distance from the 20 day moving average to the highs of nasdaq to get a 'topping' sign and never go beyond that percentage (i.e. what percentage above the 20 day moving average would be considered overbought and a sell). I did not have time to check that. But the nasdaq does have what could be final support at the 200 day moving average which is the low point it hit. But depending on how you look at the chart, it is still trading above its DOWNTRENDLINE, the ADX is soaring which is unusual on a downtrend, and the two parallel lines forming that last trendline channel was just broken to the downside so its still pretty hazy picture. I would hesitate to call a bottom, but the break of the short term trading channels to the downside from the last 3 weeks does not look very promising for a longer term hold. I am still using trailing stops and exiting after profits.

I am all for longer term holds, but the 'rummage sale' is still in full swing and it looks like the store owners are still willing to 'haggle' the price down even more so I'm still waiting for my longer term holds. I am not in any hurry to 'lose money'.. Until then those 'daytrades' based on news are not that great either since most of the stocks are down the next day so for me its still the fundamentally sound stocks even for 1-3 day holds.
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