Wait For The Market To Give Us Solid Entry Points

  • October 30, 2003
  • Tim Truebenbach

The market still appears to be battling the early-October
move it enjoyed. The major indices all showed distribution as they closed lower
on heavy volume today (not shown on Supercharts).

image src=”https://tradingmarkets.com/media/2003/Tim/tt103003-01.gif” />

image src=”https://tradingmarkets.com/media/2003/Tim/tt103003-02.gif” />

Leading names were mixed going into the end of the month. Chinese Internet
names took a hit after the worse-than-expected Netease

(
NTES |
Quote |
Chart |
News |
PowerRating) earnings.

image src=”https://tradingmarkets.com/media/2003/Tim/tt103003-03.gif” />

Sandisk
(
SNDK |
Quote |
Chart |
News |
PowerRating) sold off
into the close after flirting with a breakout above 81.75.

image src=”https://tradingmarkets.com/media/2003/Tim/tt103003-04.gif” />

Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating) closed up
slightly after also attempting a break through resistance at 43.72.

image src=”https://tradingmarkets.com/media/2003/Tim/tt103003-05.gif” />

For the most part, many leading stocks seem to be in no-man’s land right
now. Some are extended from a base while others are pulling back but not enough
to enter from. It is probably a good time to exhibit patience and wait for the
market to hand us a clue and solid entry points.

Tim Truebenbach

timt@tradingmarkets.com