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

To: Johnny Canuck who wrote (37975)	8/9/2002 1:52:57 AM
From: Johnny Canuck	Read Replies (2) \| Respond to of 69250

Counter point: Trading Ideas: by Dave Landry, Director of Research TradingMarkets.Com August 9, 2002 On Thursday, the Nasdaq opened flat and began to chop around. Then, early in the afternoon, it rallied nicely. This action has it closing well. The S&P also had a late-afternoon rally after chopping around. So what do we do? I have to admit, the indices are beginning to shape up. So far, they have made a higher bottom and are closer to their 50-day moving averages than they have been in a long time. The sector action, with the exception of the semis (see below), seems to be improving too My only concern is that the market seems choppier as of late. It's really beginning to feel like summer. Therefore, I think the best thing to do is to tread lightly and let the situation develop. Looking to potential setups, the semis have performed poorly on a relative basis as of late. This action sets up a pullback from lows. Look for shorting opportunities here but wait for entries since they did manage to close well. Due to my appearance at the Online Traders Expo, I will not be publishing a column on Friday and Monday. Best of luck with your trading on Friday!