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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Clint E. who wrote (27511)	7/29/2000 12:23:33 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68379

Clint, >>this kind of selloff a month ago could have been absorbed >>and somewhat mitigated by buyers looking for a summer >>rally. Now everybody (true?) is looking for the summer >>doldrum. The problem is that it was a Friday, it was the end of the month (ie... start of fresh batch of economic data Monday), and most of the fund managers and brokerage pro's are off for their vacation if that article about IPO's is correct. That was why we had some many IPO's the last few weeks. They needed to square them away before they left for vacation. I don't expect any kind of sustained rally till they come back. We should trade a wide range unless we get blind sided by an bad economic report. August is the end of quarter so they do not have to look good till then. Even then, there is no need for action till closer to August 26. Actually, I am kicking myself a bit. I was squaring positions in order to go on vacation Aug 8-14. I did not stick with the plan and was not all the way out. It was the first time in a long time that I almost panic-ed. The stress of the schedule at work,the lack of sleep and the markets the last few weeks got to me for a moment. I had to go for a walk in order to get back to a more objective level. It has been quite a while since I have frozen like that. >>I need to start shaping up. My wife will be back from her >> vacation in two weeks and as always the house is a mess It sounds like my apartment. I have not had a chance to do laundry and house chore in weeks. Fortunately, I don't have a wife or I would be in one heap of trouble. >>I don't even expect any serious gap down on Monday, >>unless we get another piece of bad news over the weekend. It depends on the spin the media puts on it. As Suresh mentioned there is no fear yet. I think if there is an opening gap due to last minute sellers it won't last long. I picked up DITC to play the bounce if there is no gap down. I have a limit order on PMCS at 145 and will add one at 55 for ALA if there is a gap down. Short term scalpping is the order of the day again. It will be a while before we see a sustain up trend again. Have a good weekend.