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

To: marginmike who wrote (4992)	10/16/2000 12:34:58 AM
From: J.T.	Respond to of 19219

mike, most of the technical damage is basically over and it is time to play long into early December... My target was NDX 2,750 intraday low before any hard bounce but with Thursdays record high p/c ratio followed by Friday's hard bounce into still high p/c's... I find it hardly convincing we are going to this 2,750 level... If we do buy it up on Q...We hit an intraday level of NDX 2,990 Friday morning after Thursday low of NDX 3,000... This bottom double test suggests the lows are in and buy any pullback... One alternate scenario... we gap up tomorrow and run into resistance at NDX 3,420 (raised from 3,350) intraday high and then head back down to NDX 3,180 and then take off... INTC reports on Tuesday after the bell... I am confident they put out their profit warning #'s low enough to hurdle over...1/3 the DOW indices report this week... Buy your Q shares back you make the most when the pain to stay the course is the greatest ... you know it well... Best Regards, J.T.