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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: RR who wrote (37085)5/20/2001 12:51:44 PM
From: RR  Read Replies (3) of 65232
 
MARKET OUTLOOK for NAZ for next week follows:

1.) Watch 2250. Not changed my position from what I posted last week and before. 2250 to me is critical. Do we break through it on volume and then go higher, or kiss it to test it, then go down?

2.) 2250 on volume. If we break through it with volume, then I think 2350 is possible, maybe 2400. Lot of resistance there, though.

3.) 2250 without vol, we go lower. Remember that nasty gap about 1950. Don't think we go that low right now. Naz built somewhat of a base for 30 days in the 2000-2200 range.

4.) We've approached 2250 three times in the last 30 days. What makes it any different on the fourth try? What has changed to make things seem so much better that warrants a "sustained" breakthrough? Nothing. Earnings warnings around the corner. Patience...

5.) Upper trend line on Naz. Get your ruler out and square root that chart and we're at the upper trend line.

6.) Upper trend line on SPX. Same comments as number 5.

7.) No volume. No conviction. No catalyst. Consequently, I will remain cautious until confirmation of direction. We are at a break point on the Naz. Technical arguments go both ways. Pick a side.

That's my view for whatever it might be worth.

Have a great Sunday all!

Back to pondering in the hammock.....

RR
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