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

To: Johnny Canuck who wrote (38943)	3/6/2003 2:37:43 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71212

By:madtrader Wed Mar 5, 8:52pm PST INSP IMCL Whatever the overall will do in the next few weeks, these two are worth keeping a tab on. I suspect within the next few weeks eitehr one of these will most likely start an explosive run to the upside. Both have been basing since last May, and both have cup'n handle formation. In the case of INSP, IBD gave it and it's peers 3rd highest ranking out of 197 industry groups. I am just waiting for people to email me tell me that I am pumping it for insiders again :) IMCL has been acting very well, also near a breakout pivot level. If it can taken out 16.20 range, I see initial resistance at the 127% projected level of 19, then 162% level of 23. none. By:madtrader Wed Mar 5, 4:37pm PST market Very interesting close as OEX close right at the 38% retracement level from Monday's highs. It is also right underneath the "kiss of death" line. A rising trend line that is formed by connecting the lows from Feb 13th and Feb 25th. Often times, when a security breaks below a trendline, it will bounce right back to touch it from below. Only to rollover get killed. Which is why traders call these lines the "kiss of death" line. The objective is quite clear tomorrow. We either sprint above this level at the open, thus invalidate the trendline breakdown from yesterday. Or we simply rollover and move lower from here. I am still in the camp that believes a massive selling is going to take place. So tomorrow could be the start of the next phase. BTW, a few people emailed me and asked why the flip-flop on my views about the market. I am not sure if I did, since I prefaced it as strictly for daytrading purpose. And it was the right call. I have to call it as I see it. For that matter, even if I do flip-flop, I have no problem with it at all. I am in it to make money, not to win an arguement. none. Register for our newsletter By:madtrader Wed Mar 5, 3:29pm PST volume Regardless of my thesis of falling all the way towards the middle of March. Volume increased today with indices closing up. So we have to give bulls some credit here, as this counts as an accumulation day. Of course we are not seeing the high volume big percentage moves one would like to see as in most true rallies. This is something to build on. The market is obviously throwing traders a twist here. It's best to pay attention to the message regardless of ones views.