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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (79032)	8/14/2003 2:39:29 AM
From: Abner Hosmer	Read Replies (1) of 209892

On the other hand, ORCL has already broken the 200 dma and just managed a pop 'n drop against the 50, which is trending down. Also check the back kiss of the 50 on the $GSO. I have a hard time viewing either of these charts as bullish, wedge or no wedge on ORCL. Money flow on ORCL is ugly; looks like a long distribution top, for what I know of it. Not to say we can't rally, but I am guessing the $GSO takes out the 200 dma before it takes out the high. I'm bothered by all of the put open interest on the QQQ's going forward that I read about, but on the other hand, I don't think for a minute that Wall Street is buying into the cyclical recovery in the market here, especially in tech. Portfolio mgrs have been chasing return here on momentum in low-quality, high multiple stocks, and I have a hard time seeing much of it left right now. BWTHDIK. That support line near 122 on the $GSO makes an interesting comparison to the ORCL chart. Hosmer

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