SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: High-Tech East who wrote (13994)8/1/2002 8:10:28 PM
From: Killswitch  Read Replies (3) of 19219
 
I made some nice money on the short side today, held the positions overnight, plan to start attempting longs again tomorrow or whenever that Nasdaq gap gets closed and it hits the 1255 target from the consolidation it broke down out of today. This time I won't be shaken out so easily, as I'm quite greedy and want to catch what I guess is at least a possible 20% upmove in the Naz coming soon.

Like I said previously I think the Rydex data was pointing out that this initial pop had run its course and was due for reversing. We'll see what it looks like tonight, and at the moment I admit to being uncertain how much farther down we go. I am leaning bullish for the next 4-6 weeks as everything from the VIX, Zeev, etc. is saying we made an intermediate term bottom. I think the best plan may be to just gradually scale in long as we go below the Nasdaq gap, and then see if the Naz holds above the recent low. If it breaks it, then bail out. It would be ok with me if the NDX/SOX broke their lows by a slight amount.

Note: a gap down tomorrow morning that "sticks" and forms an island reversal on the Naz would definitely make me hold off on any longs until either the Naz or SOX proves itself to me by holding the recent lows. The SOX already has a target from the broken consolidation today of 304.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News