albedo, NDX intraday low was on 4/17 NDX 3,107 and a huge reversal it closed at NDX 3,529...
If you recall, on 4/14 we had that meltdown which culminated the 5 day consecutive losing streak in the NDX.
Some were calling for the crash on Monday and I was calling for the hard bounce when NDX closed at NDX 3,207.
The Backtest MITA 2,513:
...<To: marginmike who wrote (2510)
From: J.T. Sunday, Apr 16, 2000 3:57 PM ET
Respond to Post # 2513 of 2885
marginmike, thanks for the warm greeting. I remember our pm's quite well regarding tech retrace timing scenarios.
I think that NDX 3,850 level you mention is now the upper band resistance level. Once NDX finds its V spike bottom (if it hasn't already), I think NDX 3,660 is first resistance level and 5 day MA. If earnings shine thru next week and MSFT #'s are strong this NDX 3,910 resistance 13 day EMA will be a brick wall where more selling and rotation to defensive plays will again emerge. Basebuilding and backfiling is needed. Would like 2 closes above NDX 3,660 to re-establish minimum confidence levels.
Bottom line, QCOM 105 3/16, DITC 65, GMST 41 1/8 and my darling HIFN 44 1/8 are screaming buys now if you have cash that looking for work. At least 2 of these 4 minimum will be double these prices in 4 months imho. Round trip 4 of 4 2 BAGGER in this 4 month not out of question.
Will look for this post in aug>....
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I am looking for another bounce tomorrow - no later than Friday back to this NDX 3,530 intraday high for starters over the next few days.
Best Regards, J.T.
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