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Strategies & Market Trends : WR's Momentum Trades -- Ignore unavailable to you. Want to Upgrade?

To: Wayne Rumball who wrote (8427)	9/21/2000 10:13:58 PM
From: Wayne Rumball	Read Replies (2) \| Respond to of 11130

Bargain hunting season opens at (;45 am tomorrow, bring your shotgun

To: Wayne Rumball who wrote (8427)	9/22/2000 6:28:46 AM
From: ChrisJP	Respond to of 11130

Hi Wayne, Hi DD, Hi Harbie, The big question is when will it really be "bargain time" ? 3550ish is the next most likely bounce level, but jeeeez, will the NASDAQ open BELOW that ???? The next level below that is 3050ish. That's a big drop. The other issue here isn't just trading levels -- its trendlines. Here's a chart. 3500 looks like it falls in the long term trend line range --- below 3400, with earnings season and a slowing economy still ahead of us, makes me kind of nervous about the next few months. siliconinvestor.com If you are momentum trading (as opposed to scalping), you guys may get some mileage on a rebound (which I'm sure there will at least be some bargain hunting today), but my advice is to be aware of the 50 day moving average and 200 day moving average of any stock you buy. Those averages will be where a lot of traders will be selling. I noticed Wed. & yesterday that CSCO was actually having trouble keeping above its 200 dMA. For the past 2 years, CSCOs 200 dMA has been its "bargain price". So that is quite a change in market psychology. Will there be a margin call "aftershock" this time ? What doe you guys think ? I'm not sure. Good luck today, Chris