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

To: Johnny Canuck who wrote (37900)	8/2/2002 3:12:41 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68426

[madtrader] Fri Aug 2, 10:41am PDT SSRI NEM I am going to take my money and run here for now. I suggested going long SSRI and NEM as both were sitting on long term 62% Fibonacci retracement levels. Now that they have retraced 38% of their sell-off form May peaks, and the volume has been unimpressive on bounce, I suspect they will find some resistance here. In the case of SSRI, the bounce was a 50%. sold NEM, SSRI. [madtrader] Fri Aug 2, 10:36am PDT $VIX $DJI $OEX I might have to change my mind a bit here. Looks like we could be looking at a mere 38% retracement in DJI and OEX, while VIX retraces 62%. Or to put it another way, while fear has increased in a major way, prices had a mild correction. That is, unless you are looking at NASDAQ names. So if this is as much as a pull back we are going to get, the names ones should be looking at for a bounce should be the DJI names. none