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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 695.17

+0.2%

Jan 12 4:00 PM EST

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To: Tiley who wrote (17129)	7/17/1998 1:09:00 AM
From: Clint E.	Read Replies (3) of 69695

Hello Mr. Manish. >>What do you think is the reason that the MMs dropped the price on low volume? It wasn't options-related. That's for sure. It could be as you said, a few "huge" blocks wanted out. It could also be that some large blocks wanted in between 35-37 range. Attack by Short sellers could have also caused the fast drop but I don't think this was the reason this time. Once it got to 38-39 & liquidity picked up, day traders & bottom-fishers pushed the volume much higher(=5M shrs). The stock was dead for a while and if this shake out holds(i.e., no fundamental story behind the drop), any positive news/earnings in the next couple of weeks will propel the stock higher. BTW, I saw your post on the Semi/SEMI stocks. I agree that I wouldn't buy any of the equipment stocks(SEMIs) for a good while, not even as short-term trade on the long side. This group have & will participate the least in this rally. When the Summer rally started a month ago I said that even SOX pigs will end up flying but Semis will outperform SEMIs. That is what has happened so far. I liked INTC/TXN/LLTC/ALTR back then but I wouldn't buy any of them at these levels. TI & LLTC are left to report & should meet reduced estimates. Is there further upside in the chip makers? Yes, but not more than ~10% from here. That 10% gain comes as we keep hearing about good back-to-school sales of PCs and 1001 other Summer rally stories. BTW, this group should be closely watched as one of the the indicators for short-term top in the market. They rally the last and fall first. Last in, First out. Take a look at this link and try not to get sick. biz.yahoo.com Later; Clint

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