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

To: Johnny Canuck who wrote (36429)	3/13/2002 11:42:07 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68054

[madtrader] Wed Mar 13, 6:36am PST $COMPX Call it much ado about nothing. This morning Maria Bartiromo of CNBC reported "big" rotation out of technology, especially semiconductor stocks going on. And a host of brokers downgrades techs. So we have NDX futures ticking down. Well, let's put this COMPX this year thus far into some perspective here. First of all, since the January highs and the recent lows, we don't have anything catastrophic going on, just a typical correction. I have suggested 1950 as a key Fibonacci level that the COMPX needed to break above. That happens to be the 62% retracement line for this down move we have been experiencing. 62% line to me is the defining line for a move. Once broken, the move is no longer valid, thus the trend is broken. Much like the lows we have had, it was stopped right on the 62% line as well (the September low to January high move). So, one can certainly say that the down move since January is still in tact. I won't argue with that at all. However, the leading indicator for COMPX's tech rich names is SOX. SOX clearly broke to a new post September high. So I would expect COMPX to have a downside of no more than 1850, which is only 25 points away from their current trading levels. For the aggressive tech traders, start adding to your longs in semi names. none.