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

To: TWICK who wrote (16663)	4/28/2002 7:01:44 PM
From: Susan G	Respond to of 26752

The Nasdaq futures opened up nine points from where they closed at 4:15 on Friday...they really tanked about 9 or 10 pts after the stock market close so it's really just bringing them back to fair value. But when the green arrow on cnbc is in the corner of the screen on cnbc tomorrow am, it will fool many, and maybe even spark some short covering. Although if they do any research, they'll see that +10 actually equals about +2. I have a feeling we are about to get a bounce in the next day or too, which will be a big trap and fail at any of the huge resistance areas right above. Moving averages on all time frames, downtrendlines, broken support levels, gap resistance, bearish candles are also resistance like the 3 black crows on the NDX and SOX...The nasdaq may try, but anyone who goes long on the next bounce better use tight stops or take the profits and run. FAST. With all the media pointing down the "major breakdown" of the nasdaq this weekend, everyone is going to be heavily selling and shorting into the next bounce at the first sign of weakness. I wouldn't doubt another ramp in the morning, or a mid day reversal when things look the worst, as they try to save the nasdaq from falling off a cliff. But after all the gap and craps lately, they are running out of suckers fast. Every rally for weeks now has been nothing but short covering with HEAVY distribution into them, and those don't last long!