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

To: Johnny Canuck who wrote (34474)	9/26/2001 2:24:40 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68652

[madtrader] Wed Sep 26, 11:15am PDT $DJI $NDX.X Last week, in the middle of the massive selling a lot of technicians were pointing out that the October 1998 lows would be the area the market will find support. Of course, we never really got there. Close, but not quite. This is the same kind of talk during the last 18 months as the market slides lower and lower. And we kept looking at our rearview mirror for support levels. Needless to say none of them have proven worthwhile. And this is what bear markets is all about, places that should have been supports gets passed by. So if and when the market decides to retest their lows and somehow get there, does that mean people will all jump out and buy? Of course, if most of the Street are looking at those same levels, will we even get there? I guess what I am trying to get at is that we are better off reacting after the fact at this point. Trying to anticipate the impossible has been a painful process. But still, we try. none. [madtrader] Wed Sep 26, 10:09am PDT $NDX.X Well, NDX did break the openning support from 2 days ago, so we are continuing this stair step down to fill the gap. Looking at names like VRSN and CMVT that was holding up well last week, one get the feeling that if it is not bolted down, it is for sale. At this point, nothing is bolted down and everything is shaky. none. Register for our newsletter [madtrader] Wed Sep 26, 10:04am PDT $GOX.X NEM PDG The best performing stocks in the last 2 weeks are precious metal names. There are still tons of non-believers out there. Many citing the long history of disappointments of these names. Needless to say that has been true. But charts are certainly supporting the move and strength in this group. While we are continuing to see big liquidations in bluechip names (can't just blame Bass brothers), I am starting to get the sense that the nightmare scenario I suggested a few weeks ago is indeed playing itself out. More and more foreign investors are simply abandoning their US dollar investments. Regardless if they are bonds or stocks. Since there is few alternatives for safe haven, gold and other precious metals are being sought out as the place to hide. none. [madtrader] Wed Sep 26, 9:58am PDT ACS Since I mentioned on the 21st that this stock is topping out and the action looks suspecious. It has since dropped almost 10 points. There is a secondary coming, and the long term trend line support near 75 is about to be broken. I would certainly stay away from this one. none. [madtrader] Wed Sep 26, 9:35am PDT $NDX.X Just not much going on as the tape drifts to retest the gap up level from 2 days ago. Plus we got the Jewish New Year, so a lot of traders are taking the mid week off. I would like to see NDX fill the gap from 2 days ago as a well to confirm the possible bottom. none