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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: xcr600 who wrote (22708)	8/11/1999 8:48:00 AM
From: Clint E.	Respond to of 69324

X, I'll answer tonight.

To: xcr600 who wrote (22708)	8/11/1999 1:38:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 69324

X, my nights have been pretty packed lately and I have some time now so let me answer you quickly. >>>At that moment, what was your reason for buying? Were they at the days lows still? Let me ask you this. What was the reason for yesterday's selloff? Weak overseas market(and therefore weakness in the futures market) due to a lousy close on Monday ahead of this week's retail sales/PPI numbers. That's all. Nothing new. We talked about 1275(SPX) and its importance to the market. It held up. Shake out below 10,600(DOW) held up. Shake out in the NAZ below its previous low(last thurs.) without further price drop in the net stocks held up....... >>>Were they at the days lows still? I bot QQQ when it double-bottomed at 106(leads the naz by a few minuets). A few minutes later, I bot AOL at 81, YHOO at 120, and LGTO at 65-1/2. >>>>I am trying to figure out what turned the markets around. Where does all this $$$ come from? Institutional buying is the only thing I can come up with. I go back to what I said last week(#reply-10841153)...(carefully worded) ============== I think today's action says that there is value in YHOO at ~110, EBAY at ~70 DCLK at ~60, etc, at current market conditions(sector/stock growth rate vs. interest rates). ============== So, yes. Most probably institutional(funds+brokers) buying + short covering. >>>Does your Futures theory work in reverse as well? (i.e. high early, soften before opening so we trade subsequently to the strong side?) I don't know. I haven't noticed that. I think in a weak market, the answer is No. In a strong market, I would think the answer is Yes. Clint