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

To: macavity who wrote (3603)	6/28/2000 11:45:00 AM
From: Joseph Stratmann	Read Replies (1) \| Respond to of 19219

Thanks to everyone for the responses on Phone.com (PHCM). I think Im probably the only one on MITA that feels this way but I honestly think that if the Fed doesnt raise rates as expected, we'll rally. If they do raise the rates we are going lower. Thats the way Im approaching the market right now... assuming they wont raise rates so Im long several stocks. I know I dont post a whole lot but just so you know about my style, I have a programming background, since I was 12 (learned Machine language on apple II, talk about feeling old now) <g>. As I am still very active in the tech field I tend to invest heavily in tech stocks for the most part. More specifically computer hardware/software companies as I feel I understand them better than other industries. The only stocks Im long right now are all techs, some are internets (including PHCM...ugh). My COMPX chart shows it riding it's upward trendline established since 6/2/00. SOX.X has support at about 1170 bouncing off that level today and closing at it yesterday. IIX.X (internet index) is a similar story, support level at about 476 closing near that yesterday and up from it 4.33pts today. DOT.X (TheStreet.com index) riding it's upward trendling established on 4/17/00 and 5/25/00. The Russell 2000 is a similar story at support levels. I dont have near the experience near what JT possesses (kudos) so I hope I dont appear dumb in these statements. In fairness, I agree all these indices at support levels could be interpreted as a negative, ie all are on the edge. But to play devils advocate couldn't you look at it as a good entry level on some tech stocks (with a tight stop loss - tighter than I had on PHCM..sigh). Now I'd like to mention one more stock Im looking at (i dont have any position in it). Broadcom, BRCM, broke resistance at 180 on 6/27/00. It is now at 192. If you were to approach this stock that it now has support at 180 where do you think the resistance levels are located? I was reading resistance (albeit maybe a weak line) at about 195 and more so at 215. Just my thoughts -Joe