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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: Susan G who wrote (21382)	7/29/2002 2:23:35 PM
From: Susan G	Respond to of 26752

from briefing 13:54 ET Market Action What can you say? Dow has hovered around the +300 for about three hours now. We find that it is usually difficult to identify trading opportunities on monster days. Each minor pullback is being met by investors afraid that they'll never see these prices again. (LOL!) Price action and magnitude of gains also makes it apparent that many stocks are benefitting from heavy short-covering. Often the strategy for a trader on a day like this is to latch on to quality and go along for the ride. Typically, would expect to see extension of Index highs into the close. But with so many stocks no longer compelling after bouncing 15-25% off recent lows, would not be surprised to see some profit-taking in select names and fresh shorting at resistance levels.