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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (1086)	10/22/2001 3:00:59 AM
From: ajtj99	Read Replies (1) \| Respond to of 99280

SOX has been repelled by the SRL drawn by connecting the May lows (it has also served as support for the June, July lows). 6-times it served as support, and most recently it has served as resistance at 475. The line is going lower, and is around 460 now. This combined with the index being oversold relative to the NDX and COMPX could bode well for a head-fake rally above this line soon. That rally would be most effective at distributing shares and dashing the hopes of would-be bulls. I look at JNPR and MU, and MU looks to be the poised to be a better performer the next couple of days if it can stay above its support around 20. JNPR is still pretty overbought from the run-up last week. I agree that JNPR may go to 28 and possibly spike to 29 or that area. However, that push may not come until it cools off a bit in the 21-24 area. MU needs to close around 20.50 or so to maintain its uptrend from the lows in the end of September. Below that would maintain its current downtrend off the high on Oct. 12. I think MU maintains the uptrend and makes a double top at 25.50, coinciding with a head-fake breakout on the SOXX above 455 and possibly a stop at resistance at 475. I may buy MU tomorrow if it is acting decent and stays above $20 most of the day. However, I'm not getting boatloads of it. Still holding QQQ Nov. 34 calls bought at the low Friday. I may sell them tomorrow if I can get $2 for a quick $0.40 and try to re-position at 1.80.