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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Jacob Snyder who wrote (6079)	5/10/2002 4:32:20 PM
From: Jacob Snyder	Respond to of 33421

Nas 1600: today and September 2001 and April 2000 (almost) and October 1998 and July 1997 Up and down and up and down and right back where we were almost 5 years ago. I'm getting more and more comfortable holding tech stocks, and even thinking (just thinking, so far) about holding for years rather than days/months, as I steadily hear more and more people give up. Give up on LTB&H. Give up on tech. Give up on stocks. ---------------------------- SOX: stockcharts.com[h,a]dahlnymy[dd][pb50!b200!f][vc60] Aside from a one-day rally this month, and a 3-day rally last month, it's been relentlessly down since the early-March top. I have orders to begin buying at prices slightly below where we are now: AMAT 22.5, ALTR 17.5, TXN 28. (Also CSCO at 14.5, although support at 15 may be getting re-established, after that excellent earnings report.) The SOX looks like a rounding top. Classic pattern on breaking support: break below the 200DMA, then retest from below (repeatedly, offering many chances for traders to slither to the sidelines), then continue on down. Since I have no clue where we bounce, all buys will be in increments. Still don't think we take out the 9/01 lows on this dip. But I didn't think we'd break 1600 Nas.