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

To: LTK007 who wrote (17769)	1/2/2002 6:14:26 PM
From: orkrious	Read Replies (1) \| Respond to of 99280

interesting thoughts from the Trading Diary at TheStreet.com Where's the Juice? 1/02/02 4:30 PM ET Editor's note: Today we feature James "RevShark" De Porre. You can email him at RevShark@aol.com. thestreet.com I wish I could get more excited about this last-hour rally but it was primarily concentrated in bigger-cap stocks that have uninteresting charts and unimpressive volume. I found very few momentum-type stocks participating in this move. What does that tell us? Mutual funds buying the big liquid stocks with the new retirement plan and 401(k) inflows would be my guess. I also noticed some of the big winners from 2001 being hit by profit-taking today but the indices are dominated by the old technology biggies, so that is what we see reflected. We still have a lot of end-of-the-year cross-currents out there and it is keeping it tricky. I always have a hard time getting excited about markets moving on the backs of the well-known big-cap stocks that so many people had love affairs with for years. I want to see a good selection of stocks hitting new highs rather than a Cisco (CSCO:Nasdaq) or Intel (INTC:Nasdaq) moving up within a range on lighter-than-average volume. That sort of move doesn't get me optimistic about the prospects of the overall market. It is amazing to me that on a day when the Nasdaq closed this strongly, I can find only 16 stocks that are positive on the day; over their 50-day moving averages; with double their average volume or more. That does not inspire a lot of confidence in me. I was stopped out of my Nasdaq 100 Trust (QQQ:Amex) short and don't have a lot of long positions. I'm mainly holding cash and need to do some hunting for good set-ups. I sure couldn't find many during the day today. Have a good evening, and just think tomorrow is Thursday already.