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Strategies & Market Trends : Ask Vendit Off-Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: DOUG H who wrote (3737)	1/12/2005 3:42:10 AM
From: Walkingshadow	Read Replies (1) \| Respond to of 8752

Hey dude, somebody dumped this market into one of your deep fryers, and now it is crispy fer sure. Virtually all net gains made during 2004 have now been erased. Basically, I think we'll see a short-term rally here (over the next several days). Message 20933006 There are several reasons to believe this will begin very soon, probably tomorrow. First, the market internals (falling volatilities, TICKS beginning to rise from extreme low levels, etc.). Second, the extreme short-term oversold conditions, as you pointed out. 139.142.147.218 And third, the QQQQ has formed a series of reversal candles at a frequent reversal point, the BB rail. And finally, the futures are rallying some now, although the market doesn't open for another 6 hours. There is some good news out there after the close that should help. But, as your weekly chart suggests, we are in the middle of a medium-term correction. Once that is taken care of, then the long-term uptrend can resume. I think QQQQ will trade up to the middle of the BBs (20 sma currently sits at $39.38, and that's the upside target. There is resistance up there, as Reid has pointed out also. Volume patterns dictate continued downside in order to accumulate supportive volume. The $38 level is indeed chart support, and I think this support will get taken out as part of the medium-term correction we are in. I was short until yesterday, but now I am long QQQQ. Already, my "flip short" mouse finger has developed a nervous twitch! I don't know if I can control that twitch if QQQQ gets up to the middle of the BBs (likely, IMHO). T P.S. My sweatshirt? Did TMD Jr. leave it at your house?