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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Boplicity who wrote (9405)11/29/2001 9:10:48 PM
From: t2  Read Replies (2) of 99280
 
We are in a big move, it's time to follow the trend. Personally I thing the trend is sideways as take care of the round numbers and the mountain of overhead resistance.

I am just not convinced that this resistance can keep the market going sideways.

With yields at 2%, stocks are a good investment.

Money market funds are at record levels and so is the short interest (November) at the NYSE and Nasdaq.

Now we seem to be getting a little bad news (NVLS) mixed in with generally optimistic comments from tech companies. Remember several months ago when we were used to basically bad news from most techs and the odd company would have something positive to say. I am going to believe the majority of the companies this time around..something I should have done back then.

The rebound today is just incredible! Can you imagine the number of traders that would have thought..this is it..we are heading down now. My hunch is that short interest on the Nasdaq is still heading higher since the mid-November data. Another reason to stay long.

Market just has too much upward momemtum, imho. Looking for the Nasdaq to easily break past the next technical resistance.
That is why I am not taking profits to any significant degree.
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