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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: donald sew who wrote (37006)	12/2/2000 3:03:13 PM
From: James F. Hopkins	of 42787

Donald; The only fly I see in the soup is if the dollar falls faster than foreign markets and the foreigners pull out of ours. They will handle some pull back of the dollar as long as their own markets don't take off to the upside. ---------------- While some people wanted to see more of a rally Friday I was hoping it would back fill the GAP UP..and it did. The early rally was a lot of short covering, but beyond that there was some buying. I notice that CNBC was hyping up the defensive stocks all Last week and that they pulled back starting Thursday and even more Friday. My take on that is more rotation ( out of the new highs & into issues the funds want to support ) It's a sort of broadening out and we need that. If the NDX can hang around 2500 while the Dow gives up some more (say to 10,000) then we have a sort of balanced floor to work off. Down grades and bad news has reached a crescendo and negativism on the News is running high & that's the way of things just before a change comes. I would be a lot more worried if CNBC was still talking positive. ------------------ I bought CPQ Thursday but reduced the risk on her Friday by selling some CCs out in 2003. She'll have to go below 14.66 to bite me and they can call her at 35. I bought some INTC late Friday but I won't sell calls on her. I also bought the QQQ late in the day when she closed that gap I'm in at 62-1/2. ------------- I still have about 40% cash and intend to hold these recent buys if they don't dive more as I'm tired of jumping in and out. Even if the market moves some lower the exact bottom is going to be hard to find. I've stopped playing the UOPIX at this time as I'll save her as a safety play. ( unless I can see more than just this bouncing ball ) I would love to see some upside that can last more than a day or two. "Even if it's not much. " If the market does move on down another 15% I'll rotate out from all my holdings and into UOPIX. I've been lucky with UOPIX so far but it's been tricky and with her leverage it wouldn't take a lot to get under water real fast. ---------------- Man the days of waiting a week for a dip to buy seem so long ago..and now it's hard to find more than a one day rally. A good sign would be 3 up days in a row even if they are small gains, in fact I would love to see it start up in stealth mode rather than like a rocket. If it can just "sneak up a little at a time and catch the shorts sleeping" then it has a chance. ---------------- At any rate what I've got in her now is not for flipping and unless we drop a good bit more I'll hang with em. Jim

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