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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.17

+0.2%

Dec 11 4:00 PM EST

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To: Suresh who wrote (35376)	12/6/2001 12:59:46 AM
From: Johnny Canuck	Read Replies (2) of 68978

Suresh, Did you cover or did you add to your short positions. I am looking to join you on AMAT and NVLS, but I will not fight the trend and will wait for the indices to tell me when. It looks like AMAT rallied into resistance today. I expect it to pullback. A failed rally from the point of the pullbacj will be my entry point for a short if it comes. I think the strength of this rally caught most people by surprise. I imagine short covering on the break of 1966 fueled the push above 2000 and then panic buying kicked in from there. Unless INTC add fuel to the fire, I would expect us to pullback as it is day 3 of the rally.

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