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Strategies & Market Trends : NetCurrents NTCS -- Ignore unavailable to you. Want to Upgrade?

To: KevinMark who wrote (4856)	11/22/2000 3:50:21 PM
From: Michael Watkins	Read Replies (2) \| Respond to of 8925

I think 2550 being roughly the top of the prior consolidation zone for the NDX is a possible area of support, but since it dates all the way back to Oct last year, its value in propping things up may be limited. So 2150 might be the most reasonable target for support, should things carry on. Those that have been short have very large cushions and won't be hurt by any quick move in the next day or so. The danger remains higher on the long side. The trend remains down, on both daily and weekly bars, and no action today with a dearth of players is going to set the tone for the next trading day IMO. After looking at all the major corrections, and in particular any that took place after speculative mania, it was clear that lots of false starts and disappointments was the norm. We've yet to see the market rally in the face of bad news, and continuing to see lower highs and lows... so despite how far down it is, I personally would not be one to buy the next rally. Safer plan would be to let it rally, miss a few points, but be ready to see if the first major retracement holds or fails. Buy above the retracement as it proves that it wants to go up. At least thats a safer plan for a position trader who isn't an intraday, very nimble, trader.