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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: westpacific who wrote (18845)	10/14/1999 4:11:00 PM
From: swisstrader	Read Replies (1) \| Respond to of 108040

This from Briefing.com took the words right out of my mouth (Meatloaf): 15:55 ET ****** (Daytrader) : What a market? Certainly has been a difficult week for traders to make money. Market choppiness, caused by interest rate uncertainty, has put many of the highflyers under pressure. Many of the positioning tactics employed by traders haven't been working either. As discussed in this column yesterday, the ploy of jumping into a stock immediately ahead of its quarterly release, betting on a post-earnings rally, has produced mixed results at best. Since Tuesday, have witnessed post-earnings sell off in six companies that have reported better-than-expected quarterly results... Has also been a difficult week for IPOs. Of the four deals to open for trading today, all but one has fallen below its opening price: ReSourcePhoenix.com (RPCX -5% from opening price), Netcentives (NCNT -6%), NetRadio (NETR -12%), iGo Corp (IGOC +0.5%). Inability of IPOs to perform has killed any opportunity to play secondary stocks. For example, seeing MyPoints.com (MYPT 13 3/8 -7/8), which is in the same business as Netcentives, trade off 6% on the session. Also seeing sharp decline in NetRadio parent Navarre (NAVR 8 1/2 -1 13/16, -18%)... Most of the opportunity this week has been at the open, trading opening reversals and technical breakouts. But majority of these stocks have quickly pulled back, with only a handful able to retake session highs... Has been particularly rough in the last hour of trading, as tech momentum stocks have not only failed to finish with strength, but have actually cracked. While we believe there will continue to be pockets of opportunity in this market, it appears that the dart throwing days have come to an end; at least, for the time being. Our advice: Be careful not to churn and be cognizant of intraday support levels.