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Technology Stocks : General Magic -- Ignore unavailable to you. Want to Upgrade?

To: Thotdoc who wrote (9424)	3/28/2001 9:45:37 PM
From: John Madarasz	Read Replies (2) \| Respond to of 10081

Doc... we're not even close. I believe we are closing in on what will probably be a good interim low for a nice tradable countertrend rally which could last for a month or two...maybe less.other than that forget it. A fair amount of cycle work out there is targeting the 3/29 time frame as a projection low, with a possible retest in early April. From there there is the good possibility of a rally of some substance for a few weeks...maybe a little longer even. Capitulation... no way. Retest of lows...yes. Lower lows? very good chance. I would not even think about touching a long until a higher low gets put in on the NDX and COMPX dailys...swing trades and scalps only. Heck even swing trades are dangerous with whipsaw gaps,... warning season dead ahead etc. The COMPX has a big Head and Shoulder pattern measuring to 1142 on the weekly... Tonight I just was digging through some 3-5 year charts picking some entry points for longs sometime in the next 12-24 months... ELON...Gap at 5.375 - 6.125 on 1/7/99 NTAP...Gap at 7.141 - 7.75 on 11/4/98 Gap at 17.063 on 10/28/99 QCOM...Gap at 17.84 - 20.96 on 4/20/99 Gap at 10.93 - 11.813 on 3/24/99 Gap at 28.46 - 28.68 on 6/15/99 EMC Gap at 12.75 - 13.016 on 10/9/98 Gap at 24.93 - 25.438 on 6/15/99 These are just a FEW good stocks and look at the trade imbalances. Notice how most of these are gaps and not even the lows from the 1998 period. I believe "bottom" callers and dippers are going to continue to get CRUSHED at every turn. This is a "new era" <gg> of capital preservation, and swing trading. Traders who sell the rallys will be the real winners for the next couple years at least... and people who impliment a good covered call writing strategy will be able to generate some decent income from a market like this. I think we've got a long way to go, this is only the beginning of the beginning. Regards, JM