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Strategies & Market Trends : MP - Market Pulse -- Ignore unavailable to you. Want to Upgrade?

To: JRI who wrote (244)	7/1/2001 1:06:56 PM
From: KymarFye	Respond to of 1328

Hey, J: What's your source for short interest - not just the date of the report, but the date of the data. Considering that we're coming off 1) 7 out of 8 positive sessions, 2) after an apparent breakdown followed by a snapback, and 3) amidst what appears to me to be a 180 degree turn in general opinion (from re-test of April lows to buy techs for Summer rally), 4) as confirmed by your options-related indicators. 5) also amidst End of the Q shenanigans 6) not to mention a Fed meeting and an MSFT decision... Any report published a week ago, and based on information greater than a week or two old, would strike me as ancient history. Speaking of ancient times, I used to love QLGC. Back in the day, I owned it from a little bit above here to way up there, then got out somewhere in between. I still love it as a trading vehicle. If I could bring myself to believe again, then I might consider buying QLGC once it got over the top of the gap that appears clearly on the chart Les linked. QLGC is already appearing on numerous lists as a top performer for the just-concluded quarter. Can't forget that it has frequently appeared on similar lists in the past - at prices much higher than the current one. Unless the Nasdaq continues ascending to the silly heights, it's hard for me to imagine QLGC adding very quickly and substantially onto whatever possible/further breakout (i.e., after overcoming next resistance). But, then again, I'm a complete investment skeptic - any investment horizon over about 30 minutes looks too speculative for me. If the Nasdaq climbs above 2264 or so, my skepticism will certainly be tested. Even if it make a new high for the rally off the April lows, I still probably won't be able to bring myself to buy in. Right now, with experienced observers like Zeev Hed and Bobby Beara seemingly jumping ship, I'm at the limit on the "continuation h&s breakdown and snapback" scenario. It looks to me like the formation is just about on the verge of either being negated or confirmed - and I'm aware that failed h&s's are a popular reversal trade... I know a guy who made a successful hedge fund career playing them... on the other hand, that was deep prehistoric 90s Bull Market stuff...