MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who started this subject	2/1/2001 2:36:40 PM
From: macavity	Read Replies (1) of 19219

Biotechs dragging tech down. BTK and the internets bring the NDX down. Looking at Biotech all the stocks look like bear flags/wedges. Even got the decreasing volume. Internets this rally was pure short-covering. Double Top in BTK (Hourly charts) 660(Top)-620(Neckline) => 580 Target (or BBH = 147 equivalent) Looking at the flag formations I think there is more downside. The whole sector is/was being kept up by AMGN and BGEN. And remember all of those Biotech lockups which are expiring Jan/Feb 2001. The fund-maniacs are re-weighting their portfolios. (Buying up IPOs and selling Old School Biotech). Internets. Well they had no right being in the IIX = 340 region. Measured Bear Move (in hourly charts) indicates target in IIX=290 region (for now). 21Day NDX stochastic will probably cross 80% if we close down today. Not to sure about that NDX 2500 gap thing if we close down today. -macavity

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