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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (34205)	3/13/2002 6:32:03 PM
From: skinowski	Read Replies (1) of 209892

I find myself holding April DJX puts for the past few days and… QQQ’s as of this afternoon from a few pennies above 37. Will need to think about it and “unbox” this deal one way or the other. The DOW held on (albeit barely) to the 10500, and NDX smells ready for a bounce from this wedge. The SOX on the hourly completed an impulsive five up since Feb. 22, and gave back less than half in a wedgy kind of a way… The decline in GE is grinding and corrective. Even SUNW made its few steps down on hourly kind of unenthusiastically, and failed to dip below recent S/R. INTC looks weak, but it’s still at 31, up from 19 last September, and the 62% retracement of its latest swing is 75 cents below from here. MSFT gave back 38% of the last swing (as did the Q’s) and is holding strong. IMHO (and what other kinds of opinions one may hold in this market? - g) there is presently a good deal of strength out there. On February 22 NDX reached a 62% retracement of Sept. rally, and from there the Bulls have mounted a truly valiant attack. They are not ready to throw in the towel. I’d say that unless tomorrow or soon there is serious further weakness and break of important supports, ST trend is likely to go to the bulls.

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