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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: bela_ghoulashi who wrote (3414)	9/24/2000 10:44:38 AM
From: bela_ghoulashi	Read Replies (1) \| Respond to of 65232

Some TA from the txbanker club on Yahoo: Momentum is less on every selloff rocketlauncher395 (34/M/Ohio,USA) 9/24/00 10:09 am looking at a Momentum chart of the nasdaq I notice that every "bottom" we have put in since march has been with lighter downward momentum.I think we had better watch out for a lightening rally meaning one that leaves those in cash shaking their heads and reasoning that there is no way this thing can keep going up.Of course the nasdaq has a lot of overhead resistance form 3800-4200.I think the nasdaq may be headed back up to test that 4200 level again.If we are able to clear this level then I believe it will play out as follows.We will reach 4200 and then have one maybe two days of intense selling signalling that the trading range is likely to hold.Then the nasdaq will perform another lightening rally tacking on 400-500 pts in a matter of days. I think the best thing that has happened to the nasdaq in a long time was the INTC warning.That should have removed all the weak hands over the near term.EVERYONE who wanted out of the market should be out after that opening on friday.I'll be watching that 14 day RSI resistance on the QQQ very closely.Remember that 14day RSI above 50 would be considered positive. So, as i was ever cautious on thursday ,I am now bullish on the nasdaq over the short term.For the record remember I went bearish at 4200 in early september and am now bullish at 3800 on sept 24.As alwasy only my opinion,ROCKET