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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: John Graybill who wrote (43107)	2/18/1999 12:34:00 PM
From: John Graybill	Read Replies (3) \| Respond to of 53903

I've had some good luck the past couple of days watching the price action between 2:00-2:05 and 3:00-3:05. If you have any kind of data service that produces five-minute bars (and I believe there is one from quote.com posted here from time to time), check out the S&P futures, SPX, SOX, DJII, etc. at those times. The last couple of times these particular bars were noticeably directional (opening near the low, closing near the high, or vice versa) and noticeably larger than most of the bars in the immediate vicinity (don't consider the size of the bar immediately before or after, I've found), they've been an excellent indicator of the action for the rest of the day. Yesterday, both the 2:00 and the 3:00 bars were big downers, relatively speaking. In case of conflict, use the 2:00 instead of the 3:00. I've pretty much given up looking for some kind of buy or sell signal based on the action from 2:30-3:00. It's becoming "noisy" and might even have become a scam. Hell of a V-bottom this morning -- something that sharp and that early, after such a straight move without a break, says that's the extreme end of the trend for a while. But since we're now retesting lots of just-broken 50-DMA's from below, we need to keep on our toes. $SOX is more or less tracking S&P and other indexes today, shape-wise, but note that the $SOX drops are deeper than the S&P drops. Surprisingly high volume on MU today before the bottom, close to 2M shares and lots of big blocks of 50K or more. DELL did 112M shares yd, which was the 3rd largest volume in history, after the classic scam Comparator a couple of years ago, which was like a buck, and CSCO a year or two ago, which was like $20. Big, Big Money left the table yesterday, and there's more to come.