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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: exp who wrote (12848)	2/26/2002 11:52:07 PM
From: Susan G	Respond to of 26752

Thanks exp : ) Here's some interesting comments from a newsletter tonight, from a good chartist. Just a few excerpts... The chart of the SOX index is interesting and while many stocks on the NASDAQ seem like they might be bottoming out some of the chip stocks aren't performing well. Here is my take on the SOX index and it's not a pretty one. (his take is a head and shoulders with the neckline at 500) If this down move actually transpires the NASDAQ is going to have a very tough summer. Meanwhile the BTK is holding up nicely and if its higher low pattern holds up expect more upside to the biotech stocks. By the way the last time the NYSE outperformed the NASDAQ it did so for 2 years. This period covered all of 1995 and 1996 and then it passed the baton on to the NASDAQ in April of 97, which the NASDAQ kept for over 2 years. Here is the SOX chart. Mr. Greenspan speaks tomorrow and the market could be waiting for his words before it decides to move or not. The strength is in the NYSE stocks and not on the NASDAQ.The NASDAQ is still bearish until it breaks the descending trend line. The S&P 500 touched its descending trend line today but couldn't penetrate it. When and if these indexes break their respective lines look for power in the breakthrough. No power, no conviction. The DJIA is looking good right now, but as it approaches an old high it might need a rest.