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Strategies & Market Trends : Don't Drink the Kool-Aid Kids

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To: Stoctrash who wrote (801)	8/25/2001 11:16:38 PM
From: John Pitera	Read Replies (1) of 1063

Todd Harrison's trading diary from friday's close Better Luck Monday 8/24/01 4:40 PM ET Well, nobody got NACL on the McGarrigle Hour album, but darn it if Jeff didn't make it a hat trick. The answer was Eric Clapton & Buckwheat Zydeco playing Why Does Love Got To Be So Sad. I let Jeff slide 'cause he only put part of the song title. OK, my buddy David's stuck in traffic so ... I'm getting lots of calls about what to expect when we all come back fresh and relaxed on Monday. I've gotta say that I wasn't impressed by this action. Had we seen better volume and less in the way of zany moves (lots of double-digit percentage gains on my screen), it would have been more convincing. I can't believe the talking heads on TV talking up how important Chambers' comments were. This is zany and it ain't the late '90s any more. Don't confuse an oversold bounce with something more important or lasting. Y'all come back on Monday! A Positive Finish 8/24/01 4:11 PM ET The market finished on a positive note, with the Nazz volume 6 to 1 positive and breadth very good although not spectacular. Surprised that they didn't come in a bit into the close, but it should be tough to get through resistance overhead. While the gains are impressive, given the reason behind the action I continue to view it as little more than a short-covering oversold bounce. I'll do some work over the weekend and take care of finally addressing new targets for the SPX, Comp and NDX. The weather is supposed to be fine and I'm gonna enjoy some time with the kids, get some rest and be grateful for how blessed most of us really are compared to others much less fortunate around the world. Now, where the heck is David so I can show him the sights from atop of the world and then head up another three stories to pop an icy cold real Bud. Have a great one. Be back Monday. No positions

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