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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (2250)	6/17/2000 8:07:00 AM
From: Shtirlitz	Respond to of 33421

Isn't it interesting. Probably the perception is that tech stocks are immune to interest rates and slowing economy. Didn't we go through this just a few month ago ? People never learn. Speaking of the charts, only NDX looks kinda positive. The broader index COMPX doesn't look that desicive. If you dig deeper, you'll notice that advance/decline is actualy in favor of decliners. And if you look at individual stocks in NDX, for ex. SUNW, or INTC, they are climbing on downsloping volume, and don't look that hot either. In the meanwhile the US dollar and financials are getting whacked. My take is that the market is going through some confusion period. This confusion is already being resolved in financials. The rest will catch up. The reality is: slowing economy and uptick in inflation. Thats a nice environment for already overpriced stocks to expand their premiums.

To: GROUND ZERO™ who wrote (2250)	6/17/2000 5:45:00 PM
From: Arial	Read Replies (1) \| Respond to of 33421

GZ: If the Commercial S&P traders covered their shorts during the rally from May 30, they re-shorted heavily. The NYSE members also have a high short position. Since the market has gone sideways for 2 weeks, it sure smells like distribution. Friday may have been another 84 day cycle high (see post 2007). Recent 84 day highs were 7/16/99, 10/08/99, 12/31/99, and 3/24/00. As for the NAZ, the weekly chart does look like it's forming an inverted H&S, but the daily chart of the NAZ looks suspiciously like the monthly chart of the Nikkei after it crashed. At any rate, I went short the weak link (DOW) on Friday. We'll see if the trendline holds. That supposed diamond formation actually looks like a right shoulder on the weekly chart. siliconinvestor.com siliconinvestor.com barchart.com commitmentsoftraders.com