Discussion in 'Trading' started by Gordon Gekko, Nov 8, 2001.
any nasdaq comments?
Yes, the Nas went up, the Nas went down. Weekly trend is still down, this little recent rally notwithstanding. Everything has been a bit too toppy lately.
I was looking for news why it went down but there wasn't any.
well the fed minutes , from last months meeting came out, but that was not likely to be the selling issues(just an excuse)...like Mag said things are toppy....wouldn't be surprised if we get some decent retracement over the next week
Ps I loved how traders took out yesterday's high(came close to it anyway) in QLGC then slammed it(oh, you guys are short? and have stops up there? well let us hit'em for ya, and then really put the hammer down!) gotta love those guys
of course we all know that it doesnt matter why the market moves, it just matters that it does move.. but to throw in my 2 cents.. i noticed that the rally this morning was being heavily sold/shorted.. ive seen this same type of action in past rallies.. BEAS, JNPR, AMCC and BRCM were all getting huge offers every tick up.. the buyers would eat through only to be slapped back quickly.. that type of action leads to alot of failed breakouts.. so, i turned my attention toward stocks that were weak for short setups and thats where i made most of my money..
basically, i think the selloff was just simple distribution..
Fed minutes didn't do it no.
Fun to read about an up rally when the market is going down. So much for news services.
Imho the trend is still up.
Thnx qwik. Makes sense to me.
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