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

To: MechanicalMethod who wrote (37016)	5/15/2002 1:21:30 AM
From: Johnny Canuck	Read Replies (2) \| Respond to of 69720

No I don't. I am not ready to call a bottom like the other Harry quite just yet. The COMPX needs to test the overhead resitance at the 50 and 100 day EMA on volume. It also needs a re-test of the higher low in 1585 area from earlier in the month. A break of 1800 on volume would convince me this move was for real. Till then I think we are still range bound. 216.129.217.2 My best guess is this move is options related. The numbers from CSCO were not all that good. Consumer spending seems to still be the only thing holding up the demand side. That can't last forever as that Fed is digging a big hole in government revenues and causing increased consumer debt. The real move should come closer to July as the 2H was expected to be better. I am not so sure myself anymore that the 2H will raise all sectors. You might see some traders trying to take positions now and in June, but many like me will probably wait as see. On the other hand, semi equipment and chips have tended to leading indicators for the rest of the chip sector. A lot of traders are typically early in this sector. Depending on timing and entry some make money and some don't. One can always catch the move on second and third tier stocks if the move turns out to be for real.