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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

-0.9%

Nov 17 4:00 PM EST

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To: eichler who wrote (76451)	5/3/2001 1:39:45 PM
From: t2	Read Replies (1) of 99985

eichler, What is the bearish level right now for the Naz to break below? It broke through 2150. That was what I had as kind of a support but I am willing to let it go lower before getting out. I tend to use the 100 or 50 levels on the Naz as supports or resistance intra day and in that sense 2100 would be the next level. At that point, I would probably get out of a lot of positions (although I have a tendency to change my mind also<g>). Still not willing to abandon the bull case since there has been too much momentum upward for it to just turn down quickly--especially when many have missed in the boat in timing their tech buys. It is too hard for mutual funds to have bought up all in a matter of a couple of weeks. They take much longer term approaches to buying. Still sticking to the idea that shorts have not covered yet, that is, short interest is still high in Nasdaq stocks--won't know until the next report out in late May. I guess for now I am taking the new bull market idea instead of just seeing this as a bear market rally.

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