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

To: JRI who wrote (66463)	1/10/2001 2:41:01 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

JRI: This market volatility is great for day traders. (I am not talking about the quarter point scalpers...<g>) One can play the QQQ just like a volatile stock as of late. I do not think the COMPX is going to close near the highs today. However, there is room in the rising wedge for that to occur. The apex is early next Tues. (Other NAZ Indice's apexes intersect sooner.) However for all practicality the pattern should resolve no latter than Monday. I am leaning toward a break later today or early tomorrow. The current in play intraday rising wedge suggests a test of the 1-3 rising support lines are likely and a complete retraces of the formations are possible! However, that in and of its self is not necessarily bearish. The flip side would be if these intraday rising wedge patterns, which the NAZ Indices are trading in, get negated. That would obviously be a big positive! NAZ Consolidation in progress, the question is it basing to rise or pausing before continuing the decline. I have not changed my expectations, but it is only prudent to include in the game plan the possibility of being wrong. (Always plan on being right or wrong…<g>) If one is not nimble with a nimble brokerage as well (you got to get those orders filled timely) it would be best to wait until the train is leaving the station and then grab a rail on the caboose as it goes by...<g> Regards, LG

To: JRI who wrote (66463)	1/10/2001 3:28:20 PM
From: John	Read Replies (2) \| Respond to of 99985

Did I read recently that a negative Time magazine article about biotechs is due soon? This Friday? Something smells fishy here. Biotechs are way up today, the NDX is up, but and CSCO is way down and Chambers essentially gave negative guidance going forward. This looks like a smooth prop job to allow the big kids to leave the building quietly. Is it time to short the NDX again? Looks likely to me. What am I missing? Comments appreciated. Best Regards, John in Iceland