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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 (119309)12/17/2000 10:40:55 PM
From: Jenna  Read Replies (3) of 120523
 
Not happy with the preponderance of negative directional indicators breaking out on many daily charts, even stocks that have rallied on Friday. Looks to me that any gap up tomorrow will be shorted onced again and sold into. Technical analysis has its shortcomings when fundamentals are not factored into those index charts that everyone loves to 'diagnose'. I would not be buying into gap openings but wait for 9:50 to 10:00 to see the direction and possible reversal of morning open. If there is some continued gain, it will more likely fizzle into the doldrums with further deterioration by 2:00. I have a few long call options and just a few hundred short on some blimps so I'm not extended in either direction. I prefer to wait rather than second-guess the morning in a week that will be fraught with uncertainty, extreme volatility, sell offs and more short falls.

If we have a continuation of Friday where we have two distinct daily trends that will be good. It doesn't really matter if the trend is up or down as long as its clear and lasts through more than 1 , a morning trend into the lunchtime doldrums and a reversal period from 2:00 to 3:00. As long as the trend is our friend, I'll be happy to follow the leader and try to plot my own course.
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