...currently at 1755. ive about half of my current longs in tech and i'm partly hedging those with a leveraged short fund (Rydex venture fund) but 1725 is still my decision point. if we close below that i'll keep the short fund and bail out of most everything else because from a technical viewpoint theres a good chance we test the low 1600s. seems we've been in a ranging market for quite some time. its not clear to me at all which way we break when the market does take off so its best to stay nimble.
nasdaq
- Thread starter Baker
- Start date
Nas at 1644. switched my short fund to a long fund for tomorrow only as im guessing we'll go up. for one, dow's been up the past 2 days and nas hasn't so its time for a brief relief counter rally for the nas. otherwise i'm in cash. a drop thru support levels at about 1625 and then 1590 would not be good at all and the table would be set for sept retest. a break above 1725 would be bullish but this scenario doesnt seem as likely to me.
of course i could be completely wrong. :shrug:
of course i could be completely wrong. :shrug:
Couldn't agree more
Couldn't agree more
The heavy laden Nasdaq with technology stocks, appear that a recovery in this sector is still far from being active and today's hit on Xerox by Moody?s certainly didn't help the overall tech. sector.....Investors are in a buy and sell mode and until the technology sector shows improvement and the summer months,which incidentaly considered the doldrums for the stock market,Investors see bargains elsewhere.We will probably trade sideways without much upside and I believe a downside will not be without caution,but pressure certainly will play into any negatives..
Have a good day
ET
Couldn't agree more
The heavy laden Nasdaq with technology stocks, appear that a recovery in this sector is still far from being active and today's hit on Xerox by Moody?s certainly didn't help the overall tech. sector.....Investors are in a buy and sell mode and until the technology sector shows improvement and the summer months,which incidentaly considered the doldrums for the stock market,Investors see bargains elsewhere.We will probably trade sideways without much upside and I believe a downside will not be without caution,but pressure certainly will play into any negatives..
Have a good day
ET
Thanks Equity Trader, excellent points. as bad as things are right now, May through November is considered the weak part of the season.
I made a mistake trying to trade against the trend Friday and paid for it. I am still expecting to see a counter trend rally especially moving into OE next week.
but i don't see how we can't keep slugging on down as we broke through support today (albeit on low volume). Csco, orcl, msft, et al may be at flea market prices by October. Stocks will be on sale then.
I made a mistake trying to trade against the trend Friday and paid for it. I am still expecting to see a counter trend rally especially moving into OE next week.
but i don't see how we can't keep slugging on down as we broke through support today (albeit on low volume). Csco, orcl, msft, et al may be at flea market prices by October. Stocks will be on sale then.
the power of christ compels you
the power of christ compels you
man this market seriously needs an exorcism like a head spinnin' vomit projectin' linda blair. huge (? bear mkt) rally more than 120 pts up on the nas composite to 1696. all supposedly ignited by csco beating the street by a couple of pennies?, so csco goes up almost 25% today and now is back to a healthy PE of 108, lmao.
I caught a bit of the ride today getting in with my Rydex long fund at the am price and back to cash this pm. Thinking this is just shorts squeezed and furious attempt to seduce sideline money back in (all aboard, train pulling out) before they push us off the cliff again, but a close over 1725 would have me seriously questioning this. my guess now is we tread water in a narrow range for the next week and a half and then who knows tho my bet remains placed for more downside.
the power of christ compels you
man this market seriously needs an exorcism like a head spinnin' vomit projectin' linda blair. huge (? bear mkt) rally more than 120 pts up on the nas composite to 1696. all supposedly ignited by csco beating the street by a couple of pennies?, so csco goes up almost 25% today and now is back to a healthy PE of 108, lmao.
I caught a bit of the ride today getting in with my Rydex long fund at the am price and back to cash this pm. Thinking this is just shorts squeezed and furious attempt to seduce sideline money back in (all aboard, train pulling out) before they push us off the cliff again, but a close over 1725 would have me seriously questioning this. my guess now is we tread water in a narrow range for the next week and a half and then who knows tho my bet remains placed for more downside.
Baker never heard of the market described like that before. lol. 
we live in interesting times, most of my long positions are hedged with covered calls, and most of the puts I have written are looking okay so far. I think there is value in the market just not in all of big names we here of so often. good luck and have you wrote any options yet.
thanks
selkirk
we live in interesting times, most of my long positions are hedged with covered calls, and most of the puts I have written are looking okay so far. I think there is value in the market just not in all of big names we here of so often. good luck and have you wrote any options yet.
thanks
selkirk
Lol, yeah I got a little excited. it turned out to be the eighth largest increase percentage wise for the nas ever. Guess the rubber band will only stretch so much before it bounces back (or breaks).
Ive gotten approved but to be honest Im not sure what I can do and cant. (can write covered calls, Im sure of that) Probably go thru some mental trades for a while as i dont want to lose everything especially with football season approaching got to start getting the bankroll ready too.
Ive gotten approved but to be honest Im not sure what I can do and cant. (can write covered calls, Im sure of that) Probably go thru some mental trades for a while as i dont want to lose everything especially with football season approaching got to start getting the bankroll ready too.
The nasty Nas. Hang in there folks it will take little more time then the Dow. But come 2004 it will be back to 3000. For get 4000 for at least 5 to 6 years. There is no year 2000 coming to help push the panic buying of tech goodies as was done 1998 to 2000. So this will be slow and go. But it will be back. I think the Dow has good chance of seeing 12000 by 1/1/03. Of course im counting on no more 9/11 attacks, and no more enron BS. We need more folks to come in off the hold there in. Institutional buying can't care the load forever.
short term promising
short term promising
djv, agree completely. dont know where the nas bottom is (hey, maybe we've already seen it) but 3000 in two years or so sounds doable to me.
anybody catch the ramp job the last 45 minutes or so today. Lot's of shorts squeezed I'm sure, but still has that look of the start of something so I bit (bought techs and biotechs at the close.) yeah i know i said no more techs but i couldn't help it, lol. This is just a swing trade for me as i still think we're in another bear mkt rally and will retest sept lows.
but of course i could be wrong. btw, can't remember what possessed me to buy AOL, might have been drunk at the time, lol, but if we get a little rally here might look to unload it.
short term promising
djv, agree completely. dont know where the nas bottom is (hey, maybe we've already seen it) but 3000 in two years or so sounds doable to me.
anybody catch the ramp job the last 45 minutes or so today. Lot's of shorts squeezed I'm sure, but still has that look of the start of something so I bit (bought techs and biotechs at the close.) yeah i know i said no more techs but i couldn't help it, lol. This is just a swing trade for me as i still think we're in another bear mkt rally and will retest sept lows.
but of course i could be wrong. btw, can't remember what possessed me to buy AOL, might have been drunk at the time, lol, but if we get a little rally here might look to unload it.
The challange of today's market
The challange of today's market
Again, another terrorist bomber in Israel has put a real damper on the world markets and here at home with threats isn't making our ability to sustain a rally possible...
Investors are feeling extremely uneasy and cautious by staying on the sidelines.Last weeks rally gave many profit takers reason to make for the door today..The small rally today near the end was shorty protecting his butt and happily selling into the strength.
So what is one to do, stand your ground and watch the reteat? Or join the wobbly knees eating peanuts in the bleachers like seeing your horse bet come in last.
There are bargins out there,but not in the big caps anytime soon. Your best bet would be to hold majority in cash...This market will be giving ground to terrorist and until we get a handle on this, investors are going to be too nervous to play.Remember, we need volume and that's starting to fall off and summer is coming..
What is ahead for the markets??Well,as long as we continue to feel the effect of terrorists here and abroad,there will be very little volume to move this market and probably will trade sideways...I beleive that we have reached our bottom,but an upside is not going to happen anytime soon....
I generally never concern myself with the overview of the markets..My belief is that no matter what the condition of the economy or world events, there will always be companies that do well above the others and this is what now has taken place.
Remember the exuberance of 2000, where only a dart board could give you a winner,well those days are gone and it takes good solid DD and an understanding of world events and the economy.
Look for industries that play an immediate role at the time and park money in defensive stocks,like Procter&Gamble where these type companies always carry the necessities of your daily lives,as with your food groups.
If you have been in this market for some time and carry issues from companies that have lost their ground,you will have to consider what plagues many investors and when is enough, (losses) enough...
This is the true measure of discipline,when to hold them and when to fold them...
Have a good day..
ET
The challange of today's market
Again, another terrorist bomber in Israel has put a real damper on the world markets and here at home with threats isn't making our ability to sustain a rally possible...
Investors are feeling extremely uneasy and cautious by staying on the sidelines.Last weeks rally gave many profit takers reason to make for the door today..The small rally today near the end was shorty protecting his butt and happily selling into the strength.
So what is one to do, stand your ground and watch the reteat? Or join the wobbly knees eating peanuts in the bleachers like seeing your horse bet come in last.
There are bargins out there,but not in the big caps anytime soon. Your best bet would be to hold majority in cash...This market will be giving ground to terrorist and until we get a handle on this, investors are going to be too nervous to play.Remember, we need volume and that's starting to fall off and summer is coming..
What is ahead for the markets??Well,as long as we continue to feel the effect of terrorists here and abroad,there will be very little volume to move this market and probably will trade sideways...I beleive that we have reached our bottom,but an upside is not going to happen anytime soon....
I generally never concern myself with the overview of the markets..My belief is that no matter what the condition of the economy or world events, there will always be companies that do well above the others and this is what now has taken place.
Remember the exuberance of 2000, where only a dart board could give you a winner,well those days are gone and it takes good solid DD and an understanding of world events and the economy.
Look for industries that play an immediate role at the time and park money in defensive stocks,like Procter&Gamble where these type companies always carry the necessities of your daily lives,as with your food groups.
If you have been in this market for some time and carry issues from companies that have lost their ground,you will have to consider what plagues many investors and when is enough, (losses) enough...
This is the true measure of discipline,when to hold them and when to fold them...
Have a good day..
ET
