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

To: Johnny Canuck who wrote (25993)	4/5/2000 12:18:00 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68426

534 point swing on the COMPX. Overshoot of support at 3740. We stopped short of the 200 EMA at 3446. Market acted fairly orderly in the selling despite reported problems with getting up to date stocks data. We bottomed at about 1:20PM EST which is traditional when the broker in New York finish their lunch, in this case 20 minutes later than usual. We then reversed on huge volume up pass the resistance level at 4000. There was an attempt to re-trace going into the last hour but we finished up from that level. At the peak the selling was severe enough that many strong stock overshot their 100 EMA's. This is the point most institutions will attempt to start picking up strong stocks. The COMPX has fallen back over 28 percent from it peak. This is also approximately a Fib tracement of the run we start in Oct of 1999. Wed Apr 5 12:09am ET - U.S. Markets open in 9 hours 22 minutes. Dow 11164.84 -57.09 (-0.51%) Nasdaq 4148.89 -74.79 (-1.77%) S&P 500 1494.73 -11.24 (-0.75%) NYSE Volume 1,512,920,000 Nasdaq Volume 2,882,284,000 30-Yr Bond 5.737% -0.088 INTERNET 12 -1.8% Edit Delete Compare Telecom Equip 21 -7.3% Edit Delete Compare RETAIL 8 -2.2% Edit Delete Compare SOFTWARE1 13 -1.2% Edit Delete Compare DSL 6 +6.4% Edit Delete Compare DWDM 15 -4.7% Edit Delete Compare Financials1 7 -5.5% Edit Delete Compare Carriers1 6 -3.3% Edit Delete Compare Telecom Construction1 3 -6.4% Edit Delete Compare networkers1 4 -1.4% Edit Delete Compare Contract Manufacturers 5 -0.3% Edit Delete Compare Tier 2, D-WDM 15 -8.3% Edit Delete Compare Broadband Cable 1 8 -4.8% Edit Delete Compare Harry's current watchlist 32 -2.0% Edit Delete Compare DOW 10 +0.1% Edit Delete Compare XML 15 -11.6% Edit Delete Compare Internet Security 20 -4.1% Edit Delete Compare Supercoductors 5 -9.5% Edit Delete Compare Bull Sector-optical 84 -4.4% Edit Delete Compare Satellite Stocks1 3 -10.2% Edit Delete Compare Strong Stocks March 16 Correction 22 -5.1% Edit Delete Compare Biotechs 9 -7.5% Edit Delete Compare CHIP EQUIPMENT 13 +3.0% Edit Delete Compare CHIPS1 18 -3.9% Edit Delete Compare