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Non-Tech : Invest / LTD
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To: SJS who wrote (7589)2/26/1999 12:40:00 PM
From: The Ox  Read Replies (1) of 14427
 
hi Steve,
No, I haven't been trading VTSS, mostly because I haven't been able to spend the time to watch the action carefully this week. I just logged in and saw VTSS dipped below 45 again, which would be my maximum buy-in price at the moment. I really would like to see VTSS return to the 42s before committing some capital and I would only buy if you believe the overall market is going to move back up. VTSS has followed the overall NASDAQ movements pretty closely as a general rule. You can see intraday that VTSS's upward momentum often follows the swings in the NASDAQ. I would watch both intraday charts for clues. You can see today that when the NASDAQ took a break from it's slide that VTSS followed almost in sync with it's upward bounce.

I would like to see today's downward momentum continue for a couple of days. I really would like to see a selling climax in the NASDAQ/tech larger caps. I still won't be tempted to go fully bullish unless NASDAQ makes a run for my downward target of under 2100. If we can see that index fall into the 2050-2080 range and hold, I would be very encouraged from a technical view as that index would be way oversold. I'm not going to jump in instantly at that level but would like to see a reversal rally start with authority before committing to the long side. Keep in mind the above target is still another 10% lower then today. That's a serious correction and I'm not sure we will get it.

I still have a ton of cash on the sidelines and it will stay there until we have people talking LT/BK. I really would like to see action similar to last September, as sick as that may sound.

JMO,
Michael
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