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

To: Johnny Canuck who wrote (36122)	2/8/2002 4:05:53 AM
From: Johnny Canuck	Read Replies (2) \| Respond to of 68399

madtrader] Thu Feb 7, 1:09pm PST To catch a falling knife That's what this market feels like doesn't it? It seems to me that the fate of this trading was sealed in the first 30 minutes. I suggested that SMH was doing a bearish engulfing, and all day tech stocks tried but just couldn't overcome that barrier. With only a minute or so to go, QQQ looks to close right on the dime of the 50% retracement level. Heck, I wouldn't even be surprised to see it go all the way down to 61.8% level of 33.19 now that we have the semiconductor names rolling over as well. I am sure this is frustrating to most people out there. I am used to dart in and out of stocks on a whim, but most people do not have the time or the attention needed to do that. So I am really forward to a gap down day in the next few trading days. Don't know if we will be able to get them tomorrow. But things could certainly drag itself out until CNBC or our politicians stop talking about Enron. We could see some profit taking by the bears tomorrow, which might set up a bounce. But I am not counting on it. none