MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: Lost to Voodoo who wrote (3200)	5/20/2000 1:34:00 AM
From: SkyDart	Read Replies (2) of 19219

Mind if I comment? I agree we may test 3200 support next Monday....but I am cautiously bullish over the next 4 weeks given the following: 1. SENTIMENT; Extraordinarily Negative: Bulls 21% 2. Bullish Divergences in most techs [ie MACD, RoC] and declining volume as the lows on many techs are retested. For example, look at EXDS chart. 3. Lower Margin Debt: Down 10% from highs. 4. 401k Cash Building Up on Sidelines [25 Billion per month] 5. Triple bullish divergences in Swenlin Oscillator and Adv/Decl stocks and in various NAZ breadth indicators ITBM etc. Rather than catch the proverbial falling knife, I am averaging into the PBTCX telecom fund [up 318% 199]. NAV is 58 down from peak of 110. Many of these stocks closed off their lows today. IMO upside for this fund is spectacular right now versus low downside risk. Unless of course Telecom, DSL, Broadband, Storage Access Networks, Internet, Fiber, Wireless all drop off the face of the earth...Nah! [See thread PBTCX: The Premier Telecom Fund if interested]. Typically the initial rally after a correction of this magnitude is huge; and often occurs when sentiment is most negative... DART

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