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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: eichler who wrote (76451)	5/3/2001 1:39:45 PM
From: t2	Read Replies (1) \| Respond to of 99985

eichler, What is the bearish level right now for the Naz to break below? It broke through 2150. That was what I had as kind of a support but I am willing to let it go lower before getting out. I tend to use the 100 or 50 levels on the Naz as supports or resistance intra day and in that sense 2100 would be the next level. At that point, I would probably get out of a lot of positions (although I have a tendency to change my mind also<g>). Still not willing to abandon the bull case since there has been too much momentum upward for it to just turn down quickly--especially when many have missed in the boat in timing their tech buys. It is too hard for mutual funds to have bought up all in a matter of a couple of weeks. They take much longer term approaches to buying. Still sticking to the idea that shorts have not covered yet, that is, short interest is still high in Nasdaq stocks--won't know until the next report out in late May. I guess for now I am taking the new bull market idea instead of just seeing this as a bear market rally.

To: eichler who wrote (76451)	5/3/2001 2:40:48 PM
From: eichler	Read Replies (1) \| Respond to of 99985

$compx hanging out in no-man's land here. Nothing to hang one's hat on, short or long until something gives one way or the other. KRY breaking bull flag to the upside, double the volume since my last post. Of interest to me is the defensive nature of gold stocks, hinting that perhaps the sell-off on the indexes has more to go. Either way, the writing is on the wall. All three indexes sport rising wedges, with only one possible conclusion. Dow and SnP have broken their wedges. The question to me remains how far down? Fib retracements are the obvious targets. My personal opinion (gut-feel stuff, take it or leave it) is that the gaps below will fill, we (hopefully) get a higher low which will launch phase II of the bull rally. I've just about written off the current rally at this time. Could be wrong, nothing is written in stone and no one is always right. My BFRE breakout mention from yesterday is not dead yet but I don't have the guts to play it now under these circumstances. MM's can pull the plug anytime they feel like it. Best of luck to all, Eichler