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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (37962)	8/8/2002 4:10:43 AM
From: Johnny Canuck	Read Replies (3) of 49817

Trading Ideas: Dave Landry, Director of Research TradingMarkets.Com August 8, 2002 On Wednesday, the Nasdaq gapped nicely higher but immediately began to sell off. The selling continued until late in the afternoon. It then rallied going into the close. The S&P formed a similar "U" shaped pattern (intra-day). So what do we do? I'm not sure what to make of today's action. If I were just getting the office, I would assume it was an up day. However, because I was here, I watched it trade all over the place intra-day. This was especially true in the individual issues. This makes me wonder if we are settling into a choppier market pattern (e.g. late summer?). As far as short-term direction, I think you could toss a coin. The longer-term trend remains down but we still appear to be in bounce mode (but for how long?). Therefore, look to play both sides but keep it light. Looking to potential setups, I think I'm going to stick with the biotech theme. The stocks don't look incredible here but are beginning to shape up. With that said, Genetech (DNA) looks like it has the potential to rally out of a low-level cup and handle. I'm Okay! Based on current events, several of you have emailed me expressing concern about me living in Louisiana. Thanks! The good news is that the floods from the tropical storm are washing away the serial killers and West Nile mosquitoes. Now I know how it feels to live in California! Best of luck with your trading on Thursday!

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