Market Gems:Stocks w/Strong Earnings and High Tech. Rank Message Board

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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank

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To: Jenna who wrote (115565)	10/24/2000 11:39:25 PM
From: Roger Schelling	Read Replies (2) of 120523

This actually was a nice observation in the room today. 14:03:08 <Dave> Looking at the NDX futures, a powerful 3 day rally brought the market up to a short-term "overbought" level but 14:03:14 <Dave> look at where it came from 14:03:21 <Dave> ...from a successful retest 14:03:33 <Dave> of a significant low at significant support 14:03:35 <msilva> we needed more short calls.. 14:04:04 <Dave> so this weakness will be viewed as buying opportunity 14:04:13 <Dave> for many larger investors, managed $ 14:04:36 <Dave> this is different than when the market gets crushed and rallies 14:04:59 <Dave> to get overbought after turning on a dime, with no retest 14:05:24 <Dave> THEN shorts are higher quality, more likely to weaken 14:05:49 <Dave> Here, S&P still above yesterday's low even though trading 14:05:52 <Dave> below its open 14:06:15 <Dave> The equal-weighted Valueline Index 14:06:25 <Dave> actually trading above its open 14:06:35 <Dave> lots of consolidation going on Of course things faded after that, but still. I like the technical view. FWIW Roger

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