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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (10213)	2/9/2002 10:19:02 AM
From: J. P.	Read Replies (1) \| Respond to of 19219

Perhaps.......but, I attribute yesterdays ending to the closing out of short positions and profit taking prior to options expiration week. I expect only a modest climb next week due to short term oversold conditions along with the excercise of options. Fundamentally, I've seen nothing in the way of real earnings recovery or visibility to support a rise in equity prices. Technically, there is a lot of overhead resistance to muddle through and the trends remain down within a backdrop of a bear market. I'd look to short any rally that approaches resistance points on the major averages.