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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: J.T. who wrote (3090)	5/18/2000 10:50:00 PM
From: marginmike	Read Replies (1) \| Respond to of 19219

???? I dont get it??? Here is worden brothers today: The Dow's rally appears to be failing ? once again. The Nasdaq still has a good chance of surviving a ?test.? What worries me at the moment is that we are finding it difficult to find good-looking individual chart patterns. It takes a lot of flowers to make a garden, and too many of them are wilting. We are particularly concerned about the high-cap, high-profile tech stocks. A number of them have quietly sneaked into positions where a bad day or two could put them in free falls. By that I mean a decline with no natural support levels anywhere within screaming distance. This doesn't mean they'll go to zero. To the contrary, it is when stocks have riddled off all supports that they tend to start looking for a bottom in earnest. And that is usually the final bottom. But it can be far below. Too far to consider riding it out. Some stocks in danger of going into a freefall are NVLS, QCOM, SUNW and EMC. It may not happen. I'll be out of town tomorrow. So will PW. ?DW It seems to me that the final leg down will be the annilation of big caps like CSCO and QCOM, EMC etc. The small caps, midcaps and financials have all bottomed. However the big cap 401 faves still have a surprise for us. In the next week or two I think we will see CSCO and Qcom down big to finally end tis correction. Then and only then is the time to go LONG. I think Small caps and Mid's are OK now IE DITC.