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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 674.96

+0.9%

Nov 25 4:00 PM EST

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To: shasta23 who wrote (28119)	9/12/2000 4:26:10 AM
From: Johnny Canuck	Read Replies (2) of 68285

Stefan, I bought an apparent break out above the down trend line on heavy volume. When it failed, support seem to be at the 40 level. Today it broke my 12 percent stop loss. I still expect it to recover the closer we get to NOK announcing new products, but in the mean time the low 30's to possible. There is no hurry to buy, let a bottom form and be confirmed first. I think we get a strong rally at the end of the month follow by a collapse in early October as Funds book their profits. This Q is traditionally weak for the telecom stocks. Given the back drop, the press will play this up. One of the articles I posted this evening was even suggesting staying with 2'nd and 3'rd tier stocksand selling first tier. That is you are buying at all. How is the press representing the current drop? I have not seen any TV broadcasts yet. What is the level of fear/panic or does everyone sound very controlled?

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