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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts -- Ignore unavailable to you. Want to Upgrade?

To: Rich1 who wrote (35600)	5/24/2000 10:27:00 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 63513

Not sure where we disagree. As I stated earlier, I think that this rally goes to 1460 on the spoo. I am projecting this from the daily bar chart where you can draw a line across the tops of the highs and get a nice descending channel. Looking at it again, it looks like it may be 1450 after you factor in a few days on the X axis. If we break 1450, I think that we can start to get a bit more bullish, otherwise it is likely still a bear market rally. The buying in the tech leaders didn't look like standard retail buying. It looked institutional to me. This gives me a little bit of hope.

To: Rich1 who wrote (35600)	5/25/2000 12:35:00 AM
From: Alan Smithee	Read Replies (1) \| Respond to of 63513

What has changed to make anyone think that this rally will be the turning point and we'll reverse up from here? Interest rates are still a major concern. We're just now beginning to see the results of a series of 7 hikes. Hate to say it, but this looks like a grinding bear market. Seems to me the best strategy for making money here is to buy at support and bail if support is breached. Then sell at resistance. Or short at resistance and cover at support. Nothing's changed. We need to remain cautious until a clear reversal of trend is in place.