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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: nsumir81 who wrote (12692)	6/11/2002 8:01:57 PM
From: Steve Lee	Read Replies (1) \| Respond to of 19219

I covered shorts just before the close and went long in AH. All my indicators say oversold except my valuation numbers - which are only relevant in the very long term. Oversold can get more oversold usually making it difficult to buy the exact bottom. But right now, a Nasdaq 100 buy with a stop below the Sep intraday low gives a good opportunity IMO. MSFT is looking heavy tho, but the NDX can rise even without its largest component. $BPBTK is 11.8%, a bounce in that alone can bring a nice rise to NDX. And of course Max Pain can help as you say. I am looking for praps a week of upside, subject to the stop I already mentioned. Beyond that I have no clue, except that I believe the Nasdaq will be at least cut in half from these levels eventually, and very likely cut in half again. A P/S in excess of 6 is not healthy when the historical average is nearer to 1.