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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Judy who wrote (14842)	12/2/1997 2:45:00 PM
From: paulj	Read Replies (1) of 68150

Hi Judy! How have you been doing? Hope Thanksgiving went well! I've been taking a break the last month or so. Shorted the S&P when I last posted and closed that a couple weeks back when we had our last strong sale day. I've been doing a little bargan hunting since then, but mainly watching and trying to decide where the market is headed. It looks like we may have turned the bottom or that we are pretty close to doing that. Not sure what will get things rolling up hill again. Long rate below 6 would help, but if short rates stay where they are, the yield curve gets that much flatter - which worries me a whole lot! By my block data, neither QCOM nor WIND have been under attack by block selling today. WIND had some sales, I think, but no enough to define a direction. I'm always a little warry of block data on WIND because many of the block trades go off between the bid/ask, since the spread is often so large. The tic direction on lightly traded stocks is often not worth much either. What prompted you to see the tape on WIND and QCOM today as being more than cosmetic? I've been looking at DS as a semi that should be well protected from Asia. Actually, today doesn't look that bad to me. Prices in general are moving down to levels they have been recently, an action we likely need before we can move up much. I have a hard time seeing the semis as having as bad a time as we are being told they will, but fighting the trend is not fun. There are probably a lot of stocks one could hold for the next 12-18 months and make a very sizable percent profit on without much wear and tear. Blocks have been jumping back and forth on what they will buy. One day CPQ is great; next day they throw it out the window. Can't follow without getting flattened by the steam roller backing up on you. Take care, Paul

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