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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: red_dog who wrote (93568)	4/16/2000 12:04:00 PM
From: Jerry Olson	Read Replies (1) \| Respond to of 120523

Morning RG.. depressed??? not me pal...yes my long term ports look lower..but from what cost basis??? i do not need to talk about this again...i'm in this game to win...not to lose.. i reshuffle my stuff 1-2 times a year... as for the QQQ???? this should be traded as well 1-2 times a year...if you read charts..it was a sell at 102/104 area...and will not be a buy quite yet.. in fact RG, i would sell the next rally at about 100... there are 3 time frames on the Daily candle chart that suggest..the QQQ will not break back thru 100 from below... why not take the profit...solid gains..and reinvest back in the QQQ at lower numbers on down the road here... when the market crashed in 87...we did in fact come back down to test those lows again... when the smoke clears this week...and we make what ever low we are going to make..bet your house, we'll be here/there again... do not worry about missing another major rally RG...and i am not suggesting you trade this weekly, monthly etc... but we all need to adjust our ports 1-2 times a year... makes no sense to me to break even here RG...and i can tell you from experience as well....it can and will happen... take the profits in the QQQ on the expected bounce here...then wait patiently, and buy that expected bottom test coming later on down the road..maybe in May or June time frame..i don;t know... right now the QQQ has broken it's uptrend line, and will need time to restablish a new trend...it's heading lower for sure... as for your/mine/all of our trading accts..if people have not gotten wiped out here...and they have cash.. we can and will regain any loses, trading both sides.... Lee has pointed this out quite nicely...and i can short with the best of them...it's rather easy...using stops and all...i just was trading the long side even into these declines but scalping for nickels and dimes, and getting stopped out all the time...i'll short the next rally... while looking at some daily candle charts...i can plainly see as on the QQQ where to short, where to place a stop, and then go out to lunch... my back up is P&F...supports and resistance areas are as plain as day.... so overall, we are heading lower tomr...European and Asian Markets will probably tank right at the open...we are going to clear out all the margin calls....and other sundry sellers...and then slowly begin to rally back up thru earnings season... this correction, is exactly like all other corrections...nothing more, nothing less...we just trade it like we see it.. this is not the time to be aggressive, on either side...and i feel the the downside risk, is much less from these levels, than the upside reward..albeit...that reward will be short lived for now... repairs to pocketbooks will take some time..as well as sentiment changes too...as people look at there long term 401K's and IRA's..things are not as rosey as they were at the top this year...and that hurts everyone... so we trade for a living..using smart tactics, excellent stock selection from Jenna...and think short term for now, with a investment mentality when the smoke clears... i am looking at all my P&F charts, and candles too...we can and shouod trade those nice stodgy stocks on the NYSE or at the very least the big cap techs on the NAZ...forget all the rest for now...stops on the NYSE are very solid... this week coming up will separate the men from the boys..i have been there, and done that..i'm ready for Freddy...i have cash, some options for May, and will buy on weakness some time during the exected slam... then sell quickly, and reverse to the short side when my resistance targets get hit...or maybe a bit sooner, as i see weakness in the charts... hang tough RG..we are going to do fine...i hope and pray others here are holding on... for all the Gemmers..do not panic sell anything at the bottom tomr...don't do it...wait for the expected rally..it's coming sooner than later...