The Database Speaks

July 19, 2001
Dave Landry

On Thursday, the Nasdaq lapped higher and rallied
but found its high early on. It then chopped lower for the remainder
of the day.

Once again, last week’s lows still remain a
possible target to the downside and 2100/50-day moving average remain
resistance to the upside.

The S&P also
chopped lower after an early day rally.

Again, the top of its
recent range/50-day moving average will likely provide resistance to
the upside here. And, last week’s lows remain a reference point to the
downside.

So what do we do? This is where I give my
“listening to the database speech.” Tonight (Thursday),
especially in bitotech, I’m seeing numerous stocks set up on the short
side. Therefore, focus on the short side but don’t load the boat
because it’s very choppy out there.

Considering the
above, the Nasdaq Biotech Ishares (IBB)
and Biotech Holders (BBH)
look poised to continue their downtrends out of pullbacks from lows.

Human Genome Sciences
(HSGI)
also looks poised to resume its strong downtrend out of a pullback
from lows.