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Strategies & Market Trends : Classic TA Workplace

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To: marginmike who wrote (94274)	4/4/2004 12:28:20 PM
From: SwampDogg	of 209892

As I said I will trade off of the $DOW's ability or inability to break the downtrend line off of the Feb high. This is about as clean as it gets and comes in at around 10,550 tomorrow. The fact that we closed at the .618 level means that we may just head down first thing tomorrow and the rally is done. Interesting looking at INTC that it did about 50% more volume in early March on the way down than it did on Friday approaching the same price area. This should mean that volume must expand to get us higher here or the stock will go lower. By mid-week I will either be happy with my index shorts or looking the other way for one more high. I am not looking to get hit by a bus but see this as a good risk/reward on the short side. I don't see any real bearishness at all. Everybody was talking about the "much needed correction". Did not see many if any saying that it was the end of the bull <g>

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