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

To: Iris Shih who wrote (18412)	11/18/1998 9:31:00 AM
From: mattie	Read Replies (2) \| Respond to of 67886

Thanks. Looks like it will open around 32.50. Good looking chart after todays move.

To: Iris Shih who wrote (18412)	11/18/1998 10:54:00 AM
From: Clint E.	Read Replies (1) \| Respond to of 67886

Good morning Iris. Yesterday, the NAZ closed the highest in the last ~eight trading sessions and the highest in the last ~three months. The volume improved and was OK for a 17 point advance but it wouldn't have been if it had advanced to 1900. Once again, selected NDX and some internet stocks were the leaders which is a negative sign. We could(and probably would) go higher from here but not because there is abundance of buyers but because there is lack of sellers. That's has been the case in the last few weeks. Once we close above 1880, we have a chance at reaching 1920. From there on, the breadth has to improve considerably and this rally needs to broaden to include software and telecom groups otherwise there is no more upside. I am really neutral on this market and don't see a strong commitment to make any major push before the year end. I don't see the kind of patterns that tell me we are in a strong uptrending market anymore. Those patterns stopped 1-1/2 weeks ago. This market is a bit difficult to trade right now unless you are hitting a few stocks. The best thing to do is to pullback by 3-4% and start all over again. Clint