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

To: Clint E. who wrote (24291)	11/8/1999 8:58:00 PM
From: shasta23	Read Replies (1) \| Respond to of 70069

Well, the whole thing with CMRC, KANA, EPNY etc. is really getting unreal. Yes, i missed these moves and i simply can't believe what the NAZ is doing. 3k was no resistance, Msft powers almost back to it's old self. I sit in front of the screen and think that we should see a pullback after 8-9 straight days up and >15% gains on the index. but nothing happens and the NAZ just makes another high. I can't understand it and maybe there is nothing more to understand and just to observe. Like i said, this whole rally is a true head scratcher to me. Must be the higher interest rate level leading the NAZ higher or do i misunderstand something here . ;-) The old rubber band seems more stretchable then ever and seems to be true in all directions. Maybe the correction went to far down and positioned too many people short but now we're also shooting too high imho. But the increased volatility seems something we will have to live with. What makes trading more difficult emotional for me is the fact that we are seeing a gap in the NAZ almost every day. And i'm not talking about a few points. It's mostly in the 30-50point region which is quiet significant. Then we often see a pullback and then a little rally in the other direction. Is that a tradeable pattern? I don't know. But the whole gap thing is pure champagne for the longs who wake up to the sound of the cash register. At some point it will also expose them to more downside risk but i guess that's what it's always about: being in and out at the right time! And why don't we get into these stocks? I don't know about you but for me it's my limited imagination that a stock can move from friday at 240 to 350 on Monday...Now i have seen it and now i can imagine it. CMRC actually expands the magnitude of greed imaginable. BTW it's interesting how for example my wife reacts to CMRC. I have it on my quote screen and she sees it the last days and get's really frustrated because she is missing out on these kind of moves. But normally she's a longer term player who likes to hold stocks like WCOM and EMC. My feeling is that these kind of moves will suck a lot of players again in the market who don't want to miss out. And maybe these are the ones pushing the NAZ higher. It's the ultimate drug and you will need your next fix very quickly as soon as the last +30% day wears off. OK, that's enough for today. Let's look at charts and decide who will double tomorrow. Stefan