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Strategies & Market Trends : Joe Stocks Trader Talk -- Ignore unavailable to you. Want to Upgrade?

To: Bridge Player who wrote (763)	4/11/2002 10:06:29 PM
From: Dan Duchardt	Read Replies (2) \| Respond to of 787

BP, IBM rose more than 3 on that news, getting close to 88 before settling back to 87.26. The "new highs" on Nasdaq made the new high yesterday at 251. Today was lower at 216, but that is still higher than all previous days before yesterday going back to July 2001 I'm not sure that is of huge significance because it is really a reflection of the the deep low in the Nasdaq in April 2001. Up until now, the prior 52 weeks has included the steep decline from January through March 2001. What we are seeing is not so much a large number of stocks making great gains as it is the lowering of the threshold for comparison. Look at how low the left side is on this one year chart. stockcharts.com[w,a]daclyyay[dd][pb50!b200][vc60][iUb14!La12,26,9]&pref=G A few weeks ago it was a lot higher, as you can see on a two year chart stockcharts.com[w,a]daclyyay[de][pb50!b200][vc60][iUb14!La12,26,9]&pref=G Still, if somebody can spin it right it might help lift things. Dan

To: Bridge Player who wrote (763)	4/12/2002 6:41:49 AM
From: Joe Stocks	Respond to of 787

That was one strong rally after the close. I waited till after close to short to see if there would be any breaking newsto move the market up figuring that at least I had the Thursday behind me for a possible carry over of thursday's action into Friday. I guess I didn't wait long enough. That said, the "knee-jerk" reaction seemed overdone. BRCM lifted a full point aswell as others. I added a few more shorts thinking it was overdone thinking the risk/reward favored being short at some of these higher levels and that the IBM news would be further digested by the am and some would be wondering why they paid so much for basically a "non-event". Of course in this market I thing the odds favor chances of bad news but I may have mis-calculated the "need" for some good news at these levels. The response was overdone but I sit here now regreting my knee-jerk reaction to add to my short position. The big money types could use this occassion to add to the momentum. We will see. If the market opens up flat I will probably cover. If it opens real strong I will probably move my stops to just above the mornings high. If the market opens down I will....well let's just say I'll be happy. <VBG> Joe