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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 671.91

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Nov 14 4:00 PM EST

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To: Johnny Canuck who wrote (37784)	7/24/2002 5:12:45 AM
From: Johnny Canuck	of 67962

VIX exceed the September high. It in itself means nothing unless the wholesale selling spreads to other issues. Looking for BRCD, BRCM, CREE to crack on volume. Percentage of stocks 1 STD below their 200 SMA is 65.2 percent. The September high was 62 percent. The market is now abnormally stretched to the downside. It does not mean it can not continue, but technically a rally should be expected soon. The crisis of confidence is keeping traders out of the market. They may stay out for some time after the Aug 14 date for the re-adjustment of option liabilities to on balance sheet items. Note that a new low has been established. Any rally will only be temporary. The COMPX need to test the low before it can obtain a sustained rally. So expect a rally but remember to sell it and re-intitiate short positions. There is not hurry to take longer term positions.

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