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

To: Johnny Canuck who wrote (37850)	7/29/2002 11:09:45 PM
From: TWICK	Respond to of 67756

No plan cause there's probably no money to replace. Lol Twick

To: Johnny Canuck who wrote (37850)	7/29/2002 11:17:52 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 67756

I am still blind on the intra-day charts. It will be a few days before the corrupt data is pushed out the other end. I tend to agree with this take on the indices right now though. The resilence of the re-test will tell a lot. Remember there is not a lot to look forward to next Q. Asia and Europe have national holidays coming up. July and August are essentially shot in Europe depending on what country you are trying to sell to. There is a ramp beginning for Christmas sales, but that is more to the September time frame. Some of the conference calls are indicating some ramp now, but given the uncertain environment I would expect it to be modest. *********************** Trading Idea by Dave Landry, Director of Research TradingMarkets.Com July 30, 2002 On Thursday, the Nasdaq gapped higher and continued higher for a solid trend day. This action puts it right at the area of its recent breakdown/overhead resistance. The S&P (and the Dow) also ended sharply higher. This action is setting up these indices (so far) as sharp pullbacks from lows. The VIX imploded: It gapped lower and continued lower throughout the day. This action put the index more than 10% away from its moving average (i.e., a CVR III sell signal). So what do we do? I'm amazed at the number of times I heard "bottom" today (Monday). Me, I don't know. Maybe it is and maybe it isn't. You know me, I'm in the wait-and-see camp. And, as mentioned recently, I will be the last person to call a bottom (and if you are a momentum player, then so should you be). If the market continues higher, we should see transitional setups (e.g., Bow Ties, First Thrusts) soon. For now though, I can't ignore the action in the VIX and the (quickly) overbought nature of the indices. Therefore, I still think the short side is still the logical play. However, don't jump in front of the freight train just yet--wait for signs of a reversal. No setups tonight. If you are an aggressive daytrader, you might look to play an intraday reversal in the index shares should they gap higher and show signs of stalling. Best of luck with your trading on Tuesday! hardrightedge.com