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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: NOW who wrote (44524)	7/4/2002 9:58:38 PM
From: skinowski	Read Replies (1) \| Respond to of 209892

Tooearly, I think at this point ST direction of the market is not knowable to a degree that would be much better than random. It does seem, however, to be some sort of an important juncture right now. I sense – along with Allan and some more people – that an abyss indeed may open here. Having said that, this feeling of an abyss which is about to open also happens to be (usually) a good long entry point. What happens this time – who knows… The long-term trend is most unlikely to change at this point. It remains down. But again, ST indications, imho, leave possibilities wide open. Running through some familiar names on 30 – 60 minute charts: QLGC looks suspiciously like it is completing a flat. BTK /BBH made bear flags. Look vulnerable. Trading above yesterday’s highs would begin to create overlaps. INDU… dunno. Overlapping with Monday’s action. No opinion. NDX is relatively stronger, needs a 5+ point gap up to jump over both the Tuesday little gap resistance and the 1000 level. SPX tested the levels below Sept. lows, but recovered, drawing a hammer on the daily. SOX reversed up a few points above September lows. Right now, facing resistance of a minor low made a few days back.. Any advance may be ST bullish. MSFT is kind of interesting on the daily. I haven’t been watching it. The stock tested on May 6 its September low, and since then traced a consolidation, which may be a) a possible triangle (wave 4 on the way down?) b) a flat, and c) a series of 1’s and 2’s up. It seems that its ability to hold the 49-50 level may tell the story. Enough… Sentiment everyone here knows very well. So, what is a fellow to do at this point? My personal story is simple. I went moderately long QQQ’s yesterday, will protect them with stops… and going to hang out by a lake in Texas for a week. If Mr. Market looks up, wonderful. If not – better luck next time. And I wish all of you guys and gals much luck as well.