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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: marginmike who wrote (66031)	1/5/2001 3:28:12 PM
From: HairBall	Read Replies (2) \| Respond to of 99985

marginmike: I think TA is working just fine. Just don't expect too much from it. I got a buy signals for Tuesday at the latest Wednesday for the NAZ. I bought in Tuesday and at around the mid day low Wednesday. I had no way of knowing the Fed would cut. So my QQQ longs (and other long positions) made out very well. When the portfolio is up around 20% in one to two days you bag the profits, especially when the run up is due to a single event parabolic spike. I think this rally was in the works with or without the cut. A retrace of that move was to be expected. I ID'd a couple of issues I was looking to go short in the retrace yesterday coupled with the QQQ. The only problem (which is really not a problem) is the retrace is going a little lower than expected, but I have been on the right side of the moves, so far...albeit I covered a little early today...whoops! I am currently flat and looking to re-establish long positions today. INDU/NYA 12/21 support lines failed to hold so a move to my lowest retest level is in progress and a retest of the recent lows possible. The NDX and COMPX are still trading around the 61.8% Fib retrace area, but the QQQ has moved slightly below. I still expect the recent pivot lows 1/3 for the COMPX and NYA to hold, of course time will tell. I will likely initiate new long positions on the next pivot with a stop. Regards, LG