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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 676.47

+0.8%

Dec 18 4:00 PM EST

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To: Clint E. who wrote (17471)	8/4/1998 8:00:00 PM
From: j g cordes	Read Replies (1) of 69122

Clint, on days like today its good to look closely at those few companies that survive the onslaught in good standing. Also to sort for those whose momentum is temporarily twarted and for those which have a reversal day (down but end up)... obviously many good things to look for. While all stocks are going up its difficult to separate grit from gravity. Selling, despite its fears, is part of the game.. without it we wouldn't have good buying opportunities. I welcome this tumble, its much needed. I like PSFT as well. 7 billion in new money came into the market week ending Friday. That's substantial energy when combined with grossly oversold conditions when they get primed. I'm guessing 35 to limit down in the morning some hesitation and a retrace up 80- 140 tomorrow. Expiration week will be very exciting. Some of the steadier stocks have retraced from their highs and combined with their defensive appeal should do well.. drugs especially, thinking of BMY PFE JNJ. These are still trading plays however, this selling isn't finished. I'm also waiting to get into some of the periferal PC stuff like hard drives and specialized memory. They're way oversold, this current selloff will give them a good compression from which to move 10-30%. I hope to enter just before higher back to school fall sales start showing up on radar. What really gets me is that I had a gagle of HAL 55 puts around May 6th and got out way too soon... ah, if wishes were horses beggars would ride. Jim

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