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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (41867)	3/30/2001 6:35:04 PM
From: ajtj99	Respond to of 56535

The SOXX really surprised me. They are nearly ready to drop off a cliff of support, which I believe is at around 515 or so. I think it can get back up to 650 on short covering, however. Some of those stocks are pretty oversold. That said, I think we're done with selling for now. Short covering started late in the day today and should continue into next week. Fund money coming in with nowhere to go. I think the NDX had people selling into strength all week to unload CSCO, ORCL, JDSU, SUNW, and their bretheren. That pressure should be off next week. I wish I'd have seen that coming. I wouldn't have bought my calls last Friday. All-in-all, I think today sets us up for a good short covering rally next week. I really thought the NDX might touch near 1500 today and bounce off strongly. This just means we're going to visit it again soon in the future, possibly after this short covering Bear rally.