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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: jef saunders who wrote (23805)	5/31/2000 12:14:00 AM
From: Jack of All Trades	Respond to of 42787

I would say probably 1/3 of that was short covering... Look at Wed-Fri down volume total of 108M with 5 additional days of lower closes prior... QCOM was not representative of the whole market today in terms of volume... QCOM can run to 86-90 without breaking it's current down trend over the next couple of days...

To: jef saunders who wrote (23805)	5/31/2000 2:32:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 42787

I agree with Jack. Take a look at IBM for today, the pit guys may as well have stayed in bed, it barely even showed on my volume bar. Same with teh MAJORITY of the stocks I track which are the most volatile or else DOW stocks. The first half of today basically consisted of a gap up then nothing. No volume, no movement just waiting to see who would bite and which way was going to be the easiest to push up. PX just sent me an e-mail tonight that pretty much sums this move up I think. 13 days to go until the quarter closes out. Now how much fund money would come pouring in this summer if all those mutual funds had to admit they are down 5 - 40% so far for the year. They have 13 days to pump this baby up fast before they have to mail out those statements to J6P so they can show them that all is fine, and nothing can go wrong, hic, go wrong, hic, go wrong.... This is the perma bull's rally for the short term, use it wisely to get ot of what ever you got caught with the first time no one believed it could happen. There will be no excuses the second time <ggggg> Seriously, I don't know for sure one way or the other but I know there was no capitulation. I know today's volume stunk. I know today's rally was not broad based, it was OK but most stocks were barely up and only a few were up big (surprise, they were the same exuberant nonsense things as before the plunge). Talk this weekend was all about how exuberance was dead and the bulls have given up. One strong irrational day up and the bulls are already all over SI proclaiming the waters safe and a rally to 5K before going on to 6. Nope, I think we need to really take thier allowance away and give it to someone with more brain cells. Good Luck, Lee