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Strategies & Market Trends : Rande Is . . . HOME

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To: moufassa7 who wrote (49982)	3/31/2001 8:49:53 AM
From: moufassa7	Read Replies (4) of 57584

I thought the NAZ would be stronger on Friday. Most of gain was in the last 45 minutes. I was hoping for a close nearer to 1900. That is why I sold most longs near the close, only 15% long going into Monday. The weak response to the positive relative strength divergence we got on Thursday's close is not a good sign for the longs. Another factor is the head & shoulders formation that I mentioned last week. That formation completed itself when we double bottomed at 1794 Friday. The weak follow through makes it possible for a breakdown Monday or more likely Tuesday. A break of 1794 could lead to a 1600 target or maybe another positive R/S divergence. Another negative is the descending top formation on the SOX that started 1/31. A break of 500 would invalidate a big double bottom formation which would be very negative for that index and techs in general. It appears next week will be a real war between bulls and bears. Me, just a trader hoping to play on both sides without getting speared or mauled while extracting a pound of flesh from each.

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