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Strategies & Market Trends : DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS -- Ignore unavailable to you. Want to Upgrade?

To: - who wrote (87)	5/23/2001 11:10:50 AM
From: The Osprey	Read Replies (1) \| Respond to of 565

RIMM?????

To: - who wrote (87)	5/24/2001 2:38:06 AM
From: -	Read Replies (1) \| Respond to of 565

Sector update: Wednesday May 23 The market doesn't like a surprise and the political intrigue on the Hill seemed to provide one, as it appears to provide the potential for destabilizing the nation's entire political agenda. The Dow lost 151 points, pleasing our traders regardless of their political affiliation as we were long the Dow (DJX) puts from late Monday, having anticipated just this sort of rollover. Tonight's close puts the Dow right back on the trendline drawn in last night's update, creating a third data point. We got what we wished for last night as the Nasdaq gapped down, rolled over and sold off in a solid trend down day, giving back about half of Monday's rally on moderate volume (1.85B shares) with declining volume swamping advancing by 4:1. Damage was the most intense in the Biotech sector, which lost over 6% of it's value today. The semiconductors (-5%) and internets (-4%) also took heavy hits, with the selling pressure noted late Tuesday continuing throughout the day, intensifying into a close on the lows. The $SOX, which often leads the Nasdaq, has now given up virtually all of Monday's big gains, which portends the ominous possibility that the broader tech market may do the same (what? no summer run to Naz 5000 starting NOW??). Or, this might be the classic "pullback to the breakout point" before the buyers move back in... stay tuned on Wednesday. The Oil sector put in a 3rd "hard-down" day, Oil service a second with both sectors opening on their highs and closing on their lows. Gold and silver stocks continued a pronounced pullback after the big run (noted yesterday) but came back off their session lows. Even Computer hardware, which was resilient early in the session led by cheerleading from Michael (DELL), rolled over and closed on the lows for a modest loss (-3/4%). Banks were somewhat resilient losing only 1/2%, while Drugs pulled back for a second day (-1.2%). The question is how far this broad market pullback will take us. Just into tomorrow's open, where we're expecting a gap-down? Into the midst of the Wednesday session then the buyers (led by our resident Bull, Gumbo! :) charge in and a reversal up? Or, possible deeper into back into the trading range it broke out of so triumphantly just days ago. OUr play on this is to be there at the open covering and/or trailing our overnight shorts, per today's trading report. Some time early in the session, we'll likely switch into scalp-mode until our visibility improves, as the CEO's like to say now (decode: they have no idea what is going to happen next;) Good trading, Steve