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

To: mattie who wrote (36321)	3/4/2002 1:07:52 PM
From: Johnny Canuck	Respond to of 69974

[madtrader] Mon Mar 4, 10:05am PST Market This is for short term traders only. If you are long or have some gains from the past few days. It is time to book them. QQQ just gave the 38% retracement another try. Not going to crack it with first try. So I would expect some profit taking coming in the market. I am closing out all of my longs and going into cash here. sold all longs. [madtrader] Mon Mar 4, 9:58am PST IRF Breaking out here, had a 5 month long congestion. This move should eventually take IRF back to the high 50s. none. Register for our newsletter [madtrader] Mon Mar 4, 8:40am PST MSFT QQQ MSFT did trade above 63 earlier, QQQ got close to 37. Which is the 38% retracement line. I am expecting the QQQ type names to back and fill a bit here. I would be surprised if QQQ can go through 62, 50, and 38% in the course of one trading week. There are, of course some clear breakouts. Names like KLAC,TER,NVLS,AMAT,ADBE,TMCS,BOBJ.... the list can go on and on. I certainly don't believe we have seen the end of this rally. I think the Street is just starting to get around to the idea that the recovery is going to be robust, something I have maintained since October. While the mindset of people is starting to turn, there will still be a ton of non-believers out there. Like 2000, when the market peaked, there were still tons of people trying to buy on the way down, thinking it was merely a correction instead of a full blown bear market. Now that people are "comfortable" with the idea that we are in a bear market (NOT!), and CNBC and the rest of the Street have been telling people to expect little in terms of equity returns. Oh, not to mention magazines like Fortune are touting guys like Bill Gross of PIMCO as the new poster boy of the Street (Mr. Gross is the world's biggest bond trader). In a nutshell, little guys are told to put their money in bonds instead of equities right at the low of equities and high of the bonds. Which is exactly the wrong headed approach. I would expect that as stocks climb, it will be met with selling over and over again. But ultimately stocks will prevail. Sooner or later people's mindset will change. And the huge amount of money on the sidelines will have to chase performance. The stampede of cash to rush into the market hasn't even started yet. So traders have to be vigilant still. Because big gyrations are still the norm, and big gyrations after a massive decline (or after a massive gain, but we are certainly in the former camp now) is all part of the bottom building process. none. [madtrader] Mon Mar 4, 6:49am PST Market Sold all of my long call positions near the open. I would expect the market to consolidate a bit today. Some of the names have ran 20% or more since Friday morning. But I am looking for names that broke out and retesting their breakout levels. sold calls [Harry: Same conclusion. Intra-day sell signals on SOX and COMPX]