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

To: ajtj99 who wrote (24113)	1/23/2002 7:50:09 PM
From: Softechie	Read Replies (2) \| Respond to of 99280

NTAP was a sure short over $22's...I love those sure shorters.

To: ajtj99 who wrote (24113)	1/23/2002 11:55:46 PM
From: HairBall	Respond to of 99280

ajtj99: Actually, I think NTAP will retrace more of its move down from the Jan02 high before completing its retrace of the Sept01 rally. Next major support is at the Nov01 lows (14.36) and the 61.8% retrace level (14.36) of the Sept01 rally. NTAP settling in at around 18 in AH trading. I look for another move up to at least the 21.15 area before resuming the rally retrace. Actually I have the current NDX falling resistance line origination from the 1/9 pivot high. Using the pivot low on 1/10 to establish both a falling support line for the falling wedge (that just broke to the norm today) and as a support line in conjunction with the FRL from the 1/9 pivot high one can see a fairly narrow falling channel. I don't think that narrow trading channel will be able to contain the price action to allow for a very orderly drop to 1320. By the way, I have the start of the rising wedge in Sept01 not the pivot low in late Oct (1320). NTAP has been a good play for me since I went long last Sept01 at 6.05. A simple buy and hold in to early Jan02 with an exit near the high yielded about a 350 percent gain. I traded NTAP a couple of times and yield over 400 percent from that rally. I also called the top to the Sept01 NTAP rally in early January and went short a little above 27. While riding that short down, as you know, I've also been trading the bounces off the falling support line off the falling wedge off the 1/7 pivot high and pivot low. As of yesterday I covered my NTAP short a little above 17. From this point forward, I will just be trading NTAP with a long bias in an effort to ride the next wave...<gg> However, I would not be surprised to see the 61.8% Fib Retrace level (14.38) of the Sept01 rally tagged. Keep an eye on TERN its in the process of becoming a great trading stock again...volatility is king! Good trading and the best of "good buys"... Regards, LG