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Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: pinhi who wrote (11482)	3/13/2001 2:22:25 PM
From: Boplicity	Read Replies (2) \| Respond to of 13572

It's really hard to say until the M factor is settled. M as in market. QCOM will have a hard time trading, as will many stock, against the wind. It's much easier to call short term bottoms as it is, long term it's harder, at least for me. You have to remember we have drop far in very short time, many investors will want to get out as we rally, this is called overhead resistance, which this market has in spades. Working off the overhead resistance is the stuff bases are made of. I like today's action, not too much enthusiasm. I would hate to use up all the buying power at once from the bulls and covering bears. What the bulls need is for the market get out of the downtrend they are used to seeing (the downward trend is very well define now and is moving within a nice channel), and for the bears to wonder about if the market will go lower(breakout of the down channel). As far as I'm concern, the bears still feel too good about themselves and the bulls feel trampled to death, we need to reverse both of those, for the market to move forward. How's that for reverse logic. Why? scared worn-out bulls do not buy, they just sit wait till the market moves up some, buy, only to get killed by the bears over and over again, till they start to do nothing, which we just saw by the string of down days that climax yesterday. The hallmark of bear markets are quick jumps as the bears cover and the bulls think the selling is over with, then a long downtrends, as the bears take control and the bulls just do nothing. What we need is sideways action, to settle all the selling by the worn out bulls, and for the bears to get bored. So to answer the question of where the bottoms is, is to know when the market will be done with the above, and that is anyone's guess. Greg