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

To: Johnny Canuck who wrote (37071)	5/21/2002 12:00:22 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70375

So what do we do? On Friday, I was chicken because the VIX was stretched away from its 10-day moving average. Now, based on price behavior, I have to say that I'm still chicken. They even came after many of the recently stronger sectors such as the banks and healthcare-HMOs. Further, as I look to my database tonight, very few meaningful setups were generated. This is usually a sign for me to keep it light. On the long side, about the only sector that looks really good is gold. However, after today's breakout to new highs, everything here is now overbought. On the short side, in light of the poor Nasdaq performance, technology seems like the logical area of focus. Stay with sectors that are in longer-term downtrends such as biotech, telecom and software. Avoid the choppier issues such as the semis. hardrightedge.com