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Pastimes : The Big Tex House of Coin -- Ignore unavailable to you. Want to Upgrade?

To: BigTex who wrote (13295)	4/13/2000 2:40:00 PM
From: Robert B.	Read Replies (3) \| Respond to of 19297

the swingtrading dude's opinion 4/12/2000 The Stock Market Report - swingtradingonline.com This is it. The market has a support line between 3700-3760. It appears that tomorrow we will touch this. The question is what happens afterwards. There are several scenarios for tomorrow: 1)Market gaps down and we bounce off this key support level. Rally back up, although I doubt rally will be as strong as the one last week. 2)Market opens mixed or higher and than falls through this support and crashes. Probably goes to 3200-3500. We have another bottom. 3)Market doesn?t do much of anything, but closes slightly below 3700. This is worst scenario because it means that we?ll probably have days of selling ahead of us. If I was a betting man than I?d say we are going to go close below 3700 and there is a 25% chance of a serious market crash within a week. Maybe tomorrow. This is not a time to start buying stock because you think it might be a bottom. Don?t believe it until you see a climax sell off or the market rallies for a few days on high volume. Higher than the last rally. That said I?m NOT a betting man and I CANNOT predict the market. I hope I am wrong. Yes, I have short positions, but I will set stops on them tomorrow and even if the market does rally I will still lock in a good profit in them. You have to be prepared for any scenario. I don?t want to scare anyone. Just hope people listened to my advice from this weekend: ?now is a time to take conservative positions, backed up with defensive positions, until the market completes a consolidation phase.? I currently have short positions in PCLN, REGN, KEYN, and options in RHAT. I do not plan on closing these positions until I see a panic sell off. That is usually an indication of a bottom. Most downtrends finally end with a climax of high volume selling. What happens is the last weak hands have to dump the stock before stronger hands come in and take hold of the stock. This hasn?t happened yet and is what I?m looking for to believe we have hit a true bottom. The best thing that could happen is if the panic selling happens right on the open tomorrow and we rally from there. If that happens I'll look to get in a hot stock - one that tends to go up a lot when the NASDAQ rallies - on the rally. Perhaps BVSN, ELON, or NTRO. Tomorrow will be a very interesting day. It will be a day of reckoning for the NASDAQ. Will it bounce or blowup. I hope it bounces and makes me eat my words. Whatever happens it will be high drama and fun to watch.