Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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To: Clint E. who wrote (34888)	10/25/2001 7:22:07 PM
From: Johnny Canuck	Read Replies (2) of 68426

Clint, I think it is a pure technical rally, since we able to make it through the pre-Sept 11 level on the COMPX. A lot of traders were watching that level for re-entry. The COMPX moving above the 50 day EMA would have put them on alert to a possible trend change. The fundamentals though not as bad as expected after Sept 11 are still nothing to write home about. Expect for a few bright spot GNSS, KOPN and TELM ... the earnings have been just plain bad. Beating estimates is fine for a pop, but most are still not giving any guidance or giving weaker forward guidance. Part of the bounce may be just due to the fact the the mutual fund tax loss selling in over with for the most part. So this may be a relief rally. I have heard enough calls to know that no one is all that upbeat and the profit margins are down quite bit with lots of inventories still in the channel. In some cases we are talking about 5 to 9 months of inventory.

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