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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (34339)	9/20/2001 1:39:18 PM
From: Johnny Canuck	Respond to of 68388

[madtrader] Thu Sep 20, 9:27am PDT $NDX.X $DJI Ugh! DJI flirted with yesterday's low one too many times and broke it. The question is how much more damage it will do, or this is just another sucker drop to weed out the weak hands. I donno, but I am sure I wasn't the only one watching those levels. Not that NDX doesn't have it's own problems. SOX was somewhat firm earlier but it is trying to retest yesterday's lows as well. According to Tony Dwyer of Kirlin, 91% of NDX stocks are now in oversold territory while 87% did that back in late March. I am fully aware that I am long for a short term bounce. And I do believe ultimately we will visit NDX 1000. Just hope it's not with this trip. none. [madtrader] Thu Sep 20, 8:23am PDT DIS WOW! 135M shares of DIS looking for bids. That's just throwing in the towel big time. Rumor has it DIS will bid 50M of the merchandise. If you are a retail trader, be patient and you can swing for this one on the cheap. none. Register for our newsletter [madtrader] Thu Sep 20, 8:14am PDT $COMPX Stubbon resistance at 1500. But I think we will clear it sooner or later today but might to revisit it sometime later down the road. none. [madtrader] Thu Sep 20, 7:49am PDT $NDX.X $DJI Looks like DJI is holding above yesterday's lows. So I am going to get back on QQQ here. long QQQ Oct 30 calls. [madtrader] Thu Sep 20, 7:43am PDT $NDX.X $DJI Needless to say that Nasdaq is holding up much better than the DOW today. As talks still swirling around trading desks that European insurance companies needs to sell to raise funds for payouts. And most of their holdings are the bluechip variety. Thus the divergence. As we speak, DJI is sitting right on yesterday's lows. A break here could trigger another 300 point drop. A bounce here, NDX would be off to the races. none. [madtrader] Thu Sep 20, 7:30am PDT CMVT Forgot to mention this one yesterday. CMVT did a lower low a few weeks ago but the oscillators diverged. So it is having a change of character as buyers are stepping into this stock despite the market. This is in a new leadership position. BTW, being one of the largest wireless infrastructure plays doesn't hurt in this market either. none. [madtrader] Thu Sep 20, 6:51am PDT $NDX.X Not much to do for now as we wait for the possible retest of yesterday's lows. We might not get a complete retest as yesterday's late day push was pretty bullish on candlestick charts. Interesting part is the openning today is about 50% retrace of that last hour move. For aggressive traders, it would be a good place to start, then add to the long position if we trade above yesterday's close. none