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

To: macavity who wrote (7207)	3/13/2001 5:30:05 AM
From: macavity	Read Replies (2) \| Respond to of 19219

Please No Knife Catching. The market is throwing the baby and the bathwater out. Mutual Fund redemption time? All the major indices have broken down, and it has done this on decreasing breadth. Naz UpVol/DownVol was about 1/20. The NAZ/COMP has a 3 falling crows formation - WITH GAPS BETWEEN THEM. Look at the weekly charts and there is not a lot of support for most of these (NDX) stocks. I am sorry to say but QCOM is amongst these stocks. This is carnage, but I cannot stress the potential for things to get worse is definitely there. I am trading mostly intra-day and closing most hi-volatility (tech) positions on the close. WOW, was that a mistake, but I sleep better for it so I will continue. OSX/XNG/XOI are all showing sell signals in 21D Stoch (1 or 2 more days needed to confirm). Even CYC has broken down below support at CYC=537; its 21D stoch is also turning down from overbought. UTIL is below 385. The Biotechs - BTK and BBH - have broken down severely and this is causing most of the drag on the NDX. Most windows/gaps caused from the BGEN news in January have been slammed shut. With DRG failing @ the 397/400 level I think that the B/Tech bubble could really implode (more?). I know that they may be great companies but the stocks have got very little support, due to their parabolic Y2K rally (ditto QCOM). Despite all this I still see no fear, worry yes, but still no fear. In all honesty I think that the bears are more worried than the bulls - short-covering syndrome. All, come to your conclusions yourself, and then it wont matter what anyone else says, does, or claims. There are a thousand ways to make money in this market. Figure out the one that suits you and always be prepared to learn. The only measure of success is the bottom line on our brokerage statements. Ignore the hype, and do whatever you do best. Good luck all. - macavity Short Drugs and Btech, Long TVX (the only gold stock not moving - lol). Looking to short anything near resistance.