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Strategies & Market Trends : The Options Box

QQQ 621.87

-1.2%

Jan 30 4:00 PM EST

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To: Dalin who wrote (501)	5/19/2000 5:45:00 PM
From: t2	Read Replies (1) of 10876

Dalin, Today's late day decline was not encouraging. I realize it was options expiration but the close was not good. I had expected a major rally. I don't usually follow technical analysis but it appears that volume is a problem. We are close to our closing low of April. I would have expected a better bounce from this level. Are investors just all teched out? That is my concern. When people start abandoning a sector, it just gains momentum as more and more retail mutual funds holders get concerned and start diversify some more---that also means less new funds to tech. That leads to heavy shorting of the Nasdaq100 just as the hedge funds had shorted old economy and went long new economy stocks a few months earlier. I think we are setting up for one big selloff before we move up. The real rally is still late summer to early fall IMHO. We should see one hell of an October rally in tech. Of course my opinion on the market changes every couple of days and sometimes every few hours.<g>

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