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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: marginmike who wrote (60551)	10/13/2000 2:02:09 PM
From: HairBall	Read Replies (1) of 99985

marginmike: The market is enjoying a strong bounce from the various major support levels that held yesterday. A bounce today was well...in the cards...<g> The question is how far does it run before it resumes the downtrend and it will resume the decline. I think today’s price action has gone far fast, each slight pull back is being met with buying. A clear sign the BTD mentality is alive and well. However, a pullback is over due per my shorter-term intraday technicals. While I am long select issues, I am prepping to box some of those issues to advantage a intraday roll over before days end. Time will tell if I waste the commissions...COMPX is banging up against significant resistance as I type...the lower trend line of the previous falling channel illustrated on the QChart I posted earlier. I am out of my QCOM short position. I covered my short a little early yesterday, but I did not want to be trying to cover in a "cover" rally that could and did turn into a buying rally as expected. QCOM reached my initial targets last week. I posted on the QCOM thread I expected a pull back and later added I expected it to pull back more than originally expected due to the overall market decline in progress. QCOM dropped back yesterday to test its Oct 98 Rising Support Line. So, far that line has held. QCOM re-entered the consolidation triangle it broke out of and with today’s price action has struggled back above the declining upper trend line of that formation. Sentiment for QCOM is weak. Sentiment needs to strengthen in order for a sustained rally to occur. I have no position in QCOM at this time. Regards, LG

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