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

To: Clint E. who wrote (17941)	10/9/1998 1:51:00 AM
From: Tiley	Respond to of 69814

Clint, Finally got time to look at some charts today, wow, the extent of the devastation is pretty unbelievable, especially among the software, CLEC and telco stocks. Most leaders are under their 200 DMA - MSFT broke today. The ones still holding are - DELL, YHOO, AOL, AMGN. CSCO, INTC, LU and MSFT are now below. IBM is holding above but there are enough negatives in the chart for me to stay away. Regarding the A/D, all I'm looking for right now is whether we're running out of sellers - in fact some of the extremely beaten down smallcaps do show this - stocks trading way below book and at less than cash. But overall, I still don't see an end to the sellers. One chart I do like is MOT. Also upon looking at the big dow stocks, lot of them have moved up smartly and now have room to come down again, eg. KO, IBM. Some things in favor of longs - Options expiry next week and the P/C today is an unbelievable 1.27 I've been out for a while since I've been unwilling to short the strong companies (even though they're expensive) like DELL or the illiquid ones and cannot get myself to buy in this environment. I'll be ready to buy into naz in the next 2-3 days since it is overdue for a large bounce - in fact I'm willing to bet that we'll see the largest point gain in Naz history soon (by next week), Later, - MJ