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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (58886)	11/7/2002 10:45:34 AM
From: JRI	Read Replies (1) of 209892

<island reversal> I starting writing message about 5 minutes before market open, got a cup of coffee, then posted...so when I started writing...it was unclear to me where we'd open..it looked like big down, but hard to tell exact open Regarding yesterday's KLAC conversation: Through out the rise since Oct. 9th, bad earning from tech has been sold (for the most part) the next morning, only to recover later the next day. My basic pt. was- if one thought we were ready to turn, and you believed (as I did) that Csco's earnings report would not be good, then an entry yesterday afternoon was a fairly good r/r bet. Even if you didn't catch the overall market top (Csco's earnings get bought next day), you likely have a higher entry, and have a shot to cover (and profitably). I don't know when this thing is going to turn, but I am always looking for "defensivable" entries....yesterday near close provided one, although I didn't play it. 1388- one of Zeev's big numbers- just fell..

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