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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.38

+0.4%

Dec 24 4:00 PM EST

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To: Johnny Canuck who wrote (40506)	12/22/2003 3:06:33 AM
From: Johnny Canuck	Read Replies (1) of 69207

December 22, 2003 Looking to the indices, on Friday, the Nasdaq opened firmer but quickly found its high and began to sell off. It then traded back and forth but did manage to rally going into the close. This action puts it back to its 50-day moving average and keeps it in a trading range. The S&P traded back and forth but also rallied going into the close. So what do we do? Nothing much has changed. Tech areas such as the semis and selected hardware still look vulnerable. Retail also remains soft and looks like it has the potential to continue lower. The strongest areas remain cyclical stocks including chemicals and commodity related stocks such as energy and metals & mining. On the long side, stick with the stronger areas mentioned above until other areas can catch up. On the short side, as implied above, my scans are turning up numerous stocks in retail and the semis. No matter what you do, use caution since trading will likely be thin in next week's holiday shortened week (1/2 day trading Wednesday and Friday, no trading on Thursday). Looking to potential setups, Kohl's (KSS), in the weak retail-department stores sub-sector (a), looks like it has the potential to resume its persistent downtrend out of a pullback. In the semis, International Rectifier (IRF) looks like it has the potential to continue lower out of an inverted cup and handle. Best of luck with your trading on Monday! hardrightedge.com

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