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Non-Tech : QQQ - Nasdaq 100 Trust -- Ignore unavailable to you. Want to Upgrade?

To: Savant who wrote (735)	4/29/2002 1:12:02 PM
From: Savant	Respond to of 840

INV H&S commentary..Price Headley's Daily TrendWatch April 29, 2002 9:30 A.M. Head & Shoulders Breakdown It looks like a mixed opening on Monday, with the S&P futures recovering some overnight losses but still 1.90 points under fair value, while Nasdaq futures are 2.00 points over fair value. Boeing (BA) is rising over 3% thanks to a new cover story in Barron’s that suggests the stock looks cheap versus the S&P 500. Friday’s sell-off in the face of the better-than-expected GDP news again shows us that the stock market is reacting badly even to good news on the earnings and economic fronts. News of some progress in the Middle East may be giving stocks a breather for now, but we expect the downtrend is just starting to heat up here. A potential bottoming pattern known as the inverse head and shoulders pattern was busted with Friday’s weekly close under the 1700 level. This violates the two prior weekly closing lows in April 2001 and February 2002, both of which were in the low-1700’s. The next logical test is back to the weekly closing lows of last September, in the 1450 zone. Resistance should now be heavy between 1700 and 1730, while the Dow Industrials’ break of the psychologically important 10,000 mark shows this blue-chip average is no longer providing a safe haven for investors. Remain bearish stocks here, and take any rallies to resistance levels as excellent shorting opportunities.