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

To: Abner Hosmer who wrote (7055)	3/6/2001 8:12:37 PM
From: macavity	Read Replies (1) \| Respond to of 19219

I presume you didn't get a sweet valentine this year. NDX/COMP/QQQ have effectively had 3 doji days in a row. I am unsure how to read this. Basically it says the market is uncertain, I would agree that's me as well. Gravestone Doji is usually a warning sign but at the end of a bullish trend . I would agree with the psychology though and it could well form a Gap-And-Trap like Feb14/15 (Nortel). Against this is the potential of 3 dojis at the end of a trend (a Tri-Star). If 01Mar was a small-tailed doji then the pattern (all 3 days) would signal a change in trend. Basically I have no clue, I am taking it one day at a time. I believe that you can fade the open whichever way, but you have to pick the right stocks. Which is why I am only selling o/bought stocks at resistance if the market rises after the open. My take is that the bearish tone has reduced greatly over the past few days. Still not enough bearishness sentiment, but I will check the KnifeCatching index tomorrow. OEX needs to rally above 660 for me to feel that this MegaCap sell-off has ended/reduced. Neither Bulls nor Bears are certain here in tech. I do not think any pattern forms till the weekend. - macavity

To: Abner Hosmer who wrote (7055)	3/7/2001 1:37:13 AM
From: J.T.	Respond to of 19219

Gravestone doji's have been the kiss of death on the way down have they not? But the last three days similar formation has been counter-trend Bullish and signals bottoming action as A/D internals suggest: stockcharts.com Downside gaps tend to get filled much quicker than upside gaps these days and lets hope this gap gets filled quickly tomorrow. If it does not, I may sell (rydex) this rally into strength knowing full well we could revisit this area over the near-term. Tomorrow will be interesting with BRCM and JDSU downward guidance if the market sells this news or it is already in the cake... Best Regards, J.T.