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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (38082)	6/22/2001 2:14:39 PM
From: Sully-	Read Replies (1) \| Respond to of 65232

From: Drbob512 Friday, Jun 22, 2001 2:07 PM *** TA Update (intra-day) *** The Nasdaq made a modest rally attempt this morning, but the market internals did not support it as the a/d turned negative, which is now 15/19, up/down volume is still positive and has to be watched closely, with overall volme moderate at 1.1B shares, projecting out to around 1.6-1.8B shares. The Nasdaq TRIN is positive at .68, due to the positive up/down volume but is not as encouraging as it would be if the advancers were beating out decliners. The Dow is doing worse, as is the NYSE, which has a TRIN of 1.22, and a/d of 2/3, up/down volume of 1/2, on volume of 740M shares. The Dow has rallied towards the 10,800 area as expected in a technical raly after becoming somewhat oversold, and may yet rally next week to or just above that area; however, it is in a downtrend now and could test the 10,300 support area in the next few weeks. The Nasdaq on the other hand has resistance at 2120, and may test that next week. This index is also in a downtrend, which is more noticeable in many individual technology stocks on the Nasdaq. They have been in a downtrend since late April or early May, and quite a few have dropped 30%-50% compared to the Nasdaq dropping about 15% off of the 2328 high. The Nasdaq from a longer perspective has dropped from 5132 to as low as 1619, and has not retraced anywhere near the fibonacci 61.8% which is needed to signal a possible trend reversal, nor has it set any convincing series of higher highs and higher lows, nor has it had the double bottom yet, nor has it had a recent selling climax; thus we can expect lower prices in the weeks to come in all probability. Don't forget those gaps down below. Ö¿Ö