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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket. -- Ignore unavailable to you. Want to Upgrade?

To: Monty Lenard who wrote (423)	4/19/1999 6:36:00 PM
From: James F. Hopkins	Read Replies (1) \| Respond to of 2103

She may rally BUT Don't expect it to hold UNless. XLK and XLP also show some upside, the QQQ is volatile and eratic..but she is also about MID cap in the size of her average stock, in this kind of fall you want to see the Large caps make a BASE , QQQ will dance on both sides and zig zag doing it, She has a good bit of internuts in her. I'm waiting for a large cap base. As I know just how fast QQQ can go south if it starts that way. Thats a very sharp knife to try and catch unless the market puts in a bottom first. Had I held my USPIX from when I had her at 11.06 I'd be doing OK now. No Guts no glory, I was right but didn't hang with it. I let them bulls scare me , when I knew damm good and well this was coming. To keep it simple the XLK and XLP are the heavy hitters and were the most money of the S&P is riding ( about 50% of it between the two ) so the other 7 spiders only make up 50% of the S&P now XLP & XLK should be both going up at, least a little if the market is healthy. If it's not you get in a bull trap and have to hang on while others have cash to buy with when the real dip comes. Day trading on paper is easy but when I get into real trading it's not so easy, and so I conclude I have to position trade and that means not going against my mid term signals, no way I'll do anything but short or watch if the XLK & XLP don't BOTH turn up I'll keep my powder dry..the last big turn down took almost 6 weeks to hit a reasonable bottom. I also want to see them two + at least 3 out of the other eight going up ..thats counting the qqq in with the 9 spiders for 10, and so I want the two big ones going up with at least 3 more, going up ( 5 of the 10 as long as the two big ones are in the mix) other wise this broadening thing they are talking of is mirage. quicken.excite.com Any one should have seen this coming as the BIG MONEY has been falling for several days. On top of that quicken.excite.com IT's spiking down now, and the little suckers haven't had a panic yet, no way this is buy the dip if you don't want to get pushed off a cliff when the others panic. The xlk and xlp will likely show when we hit a bottom as the S&P will slice through them on it's way down. 8% already this week and likely another easy 5% or more to go them thanks to the momentum.. Jim