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Technology Stocks : Long Term Investors' Outpost

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To: Eric L who wrote (234)	7/23/2002 6:00:45 PM
From: Eric L	Read Replies (1) of 562

re: Positive TA Voodoo Don't despair, Henry said ... >> Commentary For Tuesday's Market Henry Ford Pitbull Investor Tuesday promises to be a new test of today's lows. The DOW target for consolidation remains around 7600-7680. This was a high volatility day with the DOW dropping 300 points before clawing it all back in an explosive "V" bottom recovery that lasted about 15 minutes before selling off into the end of the day down to the 7780 level. I don't care if the DOW is ultimately going to zero, (which it isn't), we ARE going to have a reaction rally ..and it is going to be a big one. investors are continuing to punish stocks on GOOD news and decimating those with negatives. AXP today deserved a rally and got sold off with the rest of the sector. The VIX was over 49 today...what can I say..In the last month's trading we have had 2, (count 'em, 2), positive trading days. Put/Call Ratios-Sentiment Indicators-Climactic Trend Volume, the VIX (Volatility Index) are all screaming "Buy...Buy...Buy", even as investors are redeeming mutual funds in droves. When this market does snap back it will be violent and profitable for those on board. Can we still go lower...of course, but the downside gets more limited every day. Once the S&P gets over 936.50 I believe the bears will be pressured to cover their shorts, and over the ensuing couple of days we could actually see a buying panic to match the selling panic we saw today.....You have to be invested to play..... (or stay in the darkroom!) That's all for now...keep an ear and an eye on this weeks market action. I truly believe this is the time for opportunity. << - Eric -

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