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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who started this subject12/12/2000 11:48:26 PM
From: TA Trader  Read Replies (2) of 19219
 
In the last few days we have seen numerous reports of companies warning on future revenues and earnings but the markets response has suddenly been different. Starting with INTC last week and including EK today, these warnings are being ignored by the market and in most instances the stocks are going up on this news. My take in here simply as a TA following oscillators and market action is that we are going higher still. I expect tomorrow to open higher, pull back rather quickly and then fight its way higher to the end of the day. This is still expiration week and we are entering a bullish period into the 1st. of the year. The NAZ moved slightly over resistance at 3000 and then had the proverbial low volume pullback today. I believe we will soon plow through this level (about 3050)for an assault on the 3200 area and then maybe 3600 in time. It won't be smooth though with numerous pullbacks. I also look for the DOW to go well over 11,000 in this time period. Like most of you, I trade very short term and use tight stops to protect all positions. I went long VRTS, CHKP, FCEL & NUFO at the close in anticipation of Supreme Court decision. We'll see. Good Luck to all.
WHAT A COUNTRY!
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