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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: stockman_scott who wrote (8809)10/4/2001 11:39:08 PM
From: J.T.  Read Replies (1) of 19219
 
I was singing that tune at quadruple and quintuple oversold levels but was heard on deaf ears. I started buying early and often via CSCO, DELL, C.

CSCO and DELL even rang the bell to buy at the second floor elevator yesterday/today and many still do not believe. Now, I have cashed in on my bottom fish trades and will do so again on the next brief pullback.

I am getting a little more proactive playing this pullback in NDX while leaving my SPX position alone.

I would have been more comfortable with my rydex switch had we finished near session highs, but I had to make a decision before the cutoff at 3.45 est. This trade may last 1 day.

In sum, Rydex sentiment numbers do confirm what John says, but this market will get the johnny come lately's backpeddling entering into the market at a time the market will dance back 5% - 10% on them and enough to make them squirm and want to head for the exits again.

Best Regards, J.T.
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