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Strategies & Market Trends : TATRADER GIZZARD STUDY--Stocks 12.00 or Less..... -- Ignore unavailable to you. Want to Upgrade?

To: T-Lo Greens who wrote (19418)	12/1/2000 1:42:53 AM
From: Mike Sawyer	Respond to of 59879

Hi Tony! On the COMPQ weekly chart we have the 200 moving average at 2470 so I am looking at that area very close. I do think we retest the bottom again and try to go a little lower....don't know if it will be tomorrow as I would expect some buying to come in somewhere. Yes, we did get some good buying for a couple of hours in the afternoon short covering but I think it was because some talking heads told us we had hit the bottom again...same thing they said last time we hit the bottom...and the bottom before that to....hmmmm, do I since a pattern hear??? Maybe we should NOT listen to talking heads. LOL! Give me a chart any day! One thing I must say is that the Naz has retraced completely to the bottom of the time/price channel that formed from 1996-1998. So I would have to say that the bottom is in or very near. Now...will we rally like we did last year. Doubt it. As my buddy Dave keeps repeating...what's changed? Nothing...except that stocks that were once nosebleeders are nearer to where they should be. But the economy is slowing and the revenues are reflecting this. So even though we may have hit or be near the bottom I am not looking for strong upwards trend to take place any time soon. We might see more of a sideways pattern as the market consolidates. I remember reading some Pring teachings and he said that most bear markets last an average of 18 months...so we might be looking at slowness through next Spring. (Mark, Rashid or anybody, feel free to set me straight on any of this). At this time, I'm just playing hit and run tactics except for the WIRE that I'm holding long. I played VTSS 4 times today and CMRC twice...in and out in minutes each time. Made money on each trade...feels good in this kind of market. As I'm writing this I see that the S&P 500 Futures Premium on the Globex, opened at a negative -1663 and hit a low of -2093...but has now come up to a positive +1265. So maybe we get a rally after all. Yum Yum! Globex quotes for after hours: mrci.com Cheers!