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Strategies & Market Trends : Intraday Updates, Analysis & Strategies for Daytraders -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (408)	3/16/2001 10:28:05 AM
From: Dave Gore	Respond to of 589

With all this selling, VRTS is down 1-3/4 and still hasn't broken the LOD at 51-7/8. If it can hold that and we get a rally next week, VRTS could easily be back in the low 60's. CHKP already coming back some, but not convinced it is time to go long yet. Cover sure, why be greedy if you have nice profit on your short play? CHKP is unlikely to break 57-1/2 (recent low) but ya never know. The futures hold the key. Most of the time, playing the odds make the most sense. IF the Market has gone down, odds are it is due for a bounce. Like I said yesterday, the last time around, VRTS, JNPR, CIEN was all buys in the low 50's and short sells in the upper 50's - low 60's. However.....remember when stocks break out of a trading range, all bets are off. You have to watch the futures, VIX, TRIN, TICK, etc and look at the recent lows in a stock to make very sure it won't break the lows. And with the Futures so very weak right now, why go long even if stocks SEEM cheap. The futures and Market must get technically stronger, imo, to go long. Some stocks are cheap but could get cheaper here. Regarding shorts, I would also be careful going short here without future degredation in the futures. If you went short early on this morning, you have already done great. We are currently trading in limbo, near the lows in the S&P and Naz futures, but let's see if we break the LOD's here and power down or try to bounce. If we bounce up to the 20 period ema, we may set up more shorts. We are also entering into the doldrums soon where most traders get beat up. It isn't easy and never a bad time to sit and watch and relax.

To: Dave Gore who wrote (408)	3/16/2001 10:31:29 AM
From: Lane Hall-Witt	Read Replies (1) \| Respond to of 589

Question of the Day - Why are people still listening to analysts when they downgrade or upgrade stocks? Dave -- LOL!!! I have wondered this for so long, and it just totally beats the hell out of me. All market gimmicks are eventually supposed to go away -- you know, buying IPOs 18 days after they start trading to score on the initiation of coverage -- but this analyst scam has some serious legs. These people are geniuses -- marketing geniuses, not business geniuses. I don't understand why the Street keeps falling for their racket; but, then again, there are a lot of things I don't understand. <GGG> It's too easy for the shorts at this point. There's just no buying interest at all -- zippo. We may get a VIX rally or some options-related short-covering later in the day, but the action looks pretty ugly right now. What's amazing is that this is coming right before a Fed meeting where we know they'll cut by at least 50 points. I don't expect more than 50, but you'd think the hot money would at least try to pump things up a little ahead of that.