I would continue with this post recommendation...
we have as mentioned moved and tested thsi 1455 area couple of points higher than that low mentioned here but the gap on NDX has reamined unfilled it was expected by many and still is, in my opinion we are seeing accumualtion in many leading stocks and PSIX KEYN CPTH in the lower tier whereas PMCS JNPR BRCD BRCM JDSU in the upper tier are basing at higher level, alongside the IIX DOT for the first time is consolidation above the 25 days MA so for me a rally is brewing coming from the depressed sectors of the market, if we hold this 1455 support in next two sessions the way is definitely up, we had retraced from 1489 area but the parameters of this post remain intact going forward the Comp target and IIX DOT target is 4200 530 and 880 area..
<<Friday, Jun 2, 2000 1:32 PM ET
Reply # of 31736
James.. Every one is looking to fill the gap, no one really thought that these interest rate hikes have started working, now everyone wants to load up cheap but I don't think that environment is conducive for such a fill, I would assume that we hit 1492 and back down to 1455 before that gap is filled, you need massive selling in SOX BKX DRGs and NWX sectors as IIX and DOT are already beaten down and just coming up to that 25 days mA which has become a proverbial top of these sectors, if this 25 days Cobot timer turns around this can get real melt up process.
This market has caught a lot of people on the wrong foot and I don't think that it is going to be that easy to get out of shorts, everyone wants to see 1428 to square but market may like to take them to 1500 and get them squared their and than to retest this 1442 area or 1455 may be,..bullish sentiment until ast night was at all time low and in this kind of environment I don't think ideally they would be spared a chance they did get four chances when we were testing 1382 so here we are looking at run to 388 and than 4200,, but slow and steady and real chinese torture is on cards probably for anyone with shorts.. >>
Lets see how much this can be really seen..
|
