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

To: Vendit™ who wrote (7049)	3/28/2005 5:23:56 PM
From: Walkingshadow	Read Replies (1) \| Respond to of 8752

Hi Reid, Volume was very weak today, and the shadows on the last two candles (including today's) suggest a bit of downside here is on the agenda. I don't think the downside will be very significant, and I don't anticipate the recent lows will be taken out. QQQQ is very oversold, with buy signals in place or imminent, so any downside I think will be modest. market internals give a mixed picture. Later in the week, I think QQQQ will rally, but get turned away at either the descending 20 sma (currently $37.00) or the descending 50 sma (a bit above that, currently at $37.31). stockcharts.com[w,a]daclyyay[dc][pd20,2!b50][vc60][iLg!Lyb20,2.0]&pref=G Most likely this will happen late in the week. We are still looking at more downside to test lower support levels, but I think the earliest this will occur will be next week. I am currently still long QQQQ, but will be looking to flip short at the 20 sma or the 50 sma, depending on how the technical momentum and volume patterns etc. shape up as these levels are approached. After that, I will probably just stay short until QQQQ finds a real bottom. T