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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject9/26/2000 3:57:05 PM
From: velociraptor_  Read Replies (1) of 37746
 
I am holding all of my DCTM overnight...shorted in size at 85, 87, and 89. Stochastics are way overbought. P/E with today's price jump is now about 4400. We have an 80% move in about 5 trading days, and the gap back at 89 or so has now been filled. Time to retreat.

On top of that, the rest of the market looks sick. Naz lost 3700 and we are forming a series of lower highs and lower lows over the last few weeks. Rallies are being sold into, and the large cap leaders such as INTC, MSFT, etc, have been hammered and continue to drop...no recovery. Overhead down trend line is limiting the upside on the Nasdaq going back to around Sept 13. Current resistance is now at 3850
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