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

To: Johnny Canuck who wrote (39762)	6/18/2003 10:09:45 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71598

By:madtrader Wed Jun 18, 3:51pm PDT market This is perhaps the first time in nearly 3 months my end of day scans came up with 3 times as many shorts as longs. Most of the short candidates are names that have been recent winners. Names like NTES, CFC, MOGN, TALK, STJ, SAP, SOHU, FBN, AGEN, BVF, AMLN, etc. I hesitate to call a top here because the volume figures have yet to confirm that market is ready to rollover yet. If leading stocks start to backtrack, alarm bell should ring. none. By:RumorDude Wed Jun 18, 2:09pm PDT FWHT Just to point, I think the timeframe MT and I have are different here, and I think today we saw rotation out of OVER and into FWHT. There is still plenty of room for upside here, although in one way, this deal looks almost like FWHT sold itself to espotting, rather than a merger. none Register for our newsletter By:madtrader Wed Jun 18, 12:55pm PDT FWHT Too much too soon, and feels like a blow-off run here. I am tightening my trailing stops. Also, the weekly 162% level is right around the 19 range. already long and not liking what I see. By:madtrader Wed Jun 18, 12:53pm PDT $BTK market Watching how the biotechs behave here. Looks like the recent run has exhausted the buyers. This is the best tell for the whole tape. If speculative action dies, so goes with the rest of the market. However, I expect the rest of the market to lag. If you have been long since March, this is the time to start tightening your stop loss. BTK couldn't clear the weekly 62% retracement level (from Nov 2001 high). BKX looks to be having difficulty dealing with daily 162% level as well. The Chinese dotcoms are coming in as well, of course this was the single hottest group. If you have been itching to go short but have been burned repeatedly in the last few months, you will finally get your chance. There is two possible scenario in my mind. The first one is for the highflyers to get slammed, but the rest of the market simply meander until late October. The second scenario is for the entire market to get killed until late October. In my mind, the first scenario makes more sense. I simply don't see us break either the last July or October lows. none.