Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Options Box -- Ignore unavailable to you. Want to Upgrade?

To: Jill who wrote (98)	5/10/2000 7:56:00 AM
From: Atin	Read Replies (1) \| Respond to of 10876

I don't really have a whole lot more than you already see. Triangles are nice shapes to see on a chart if they're followed by breakouts. We saw a breakout, but it failed to do anything. If you look in QPnf with a 2% per box chart (which I prefer for indices), you'll see a similar triangle, but with the index barely holding support. 3525 would be a breakdown with next support near 3250. Resistance is near 4000 and I think we need a little backing and filling before we break out over 4000 convincingly. On my candlestick charts, I have the NAZ sitting exactly on its 200 ma, CSCO sitting exactly on its 100 ma. CSCO is breaking down with a double bottom, ^IXIC (NASDAQ symbol in YAHOO in case you're using QPnf) is breaking down also. Sort of a bummer. All indicators I watch are sort of in bearish mode too. But I actually think we need these if we want to move up convincingly. QPnf also has some advance/decline based point and figure charts that I use to figure out the general direction of the markets. Those say that long term trend on the NASDAQ has actually turned bullish, but we were short term overbought and are starting to relieve that by falling. Again, this says we have a little more backing and filling to do before things will move up convincingly. I'm going to be selling most things into rallies, but I'm not expecting any serious ones yet. -Atin