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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: Tiley who wrote (16643)	6/18/1998 12:50:00 AM
From: Clint E.	Read Replies (1) of 69216

Hello Manish. Excited holding XCIT? I know I am excited about this market like I haven't been in months. Isn't it interesting that the net stocks bottomed last and rose first? Remember that. Momentum stocks, as long as momentum story intact, are a good indicator of market bottom. There are other indicators that I would like to keep to myself. The day before DELL reported I looked for two conditions that if met should turn some traders into "buy & hold" mode. Tonight, I am not putting any condition on the table. I am flat out bullish and look into any weakness (pre-announcement/overseas market jitters/strong currency/econ data/etc...) as buying opportunity. Since last week I have been saying that NAZ has "pretty much bottomed". Tonight, I say that NAZ bottomed this week at 1712. INDU & COMPX are less than 1% below their 50dma. SPX climbed above it today. For this rally in NAZ to continue and take us into new highs, we need broader participation by small-caps. I believe R2K will come alive as well. Traders will take this market to the extreme on the upside in the weeks ahead. I have no upside projection on NAZ until we get thru pre-announcements. As far as DOW, it should easily do 9700 by late Aug. Clint

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