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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Stcgg who wrote (29424)9/11/2000 12:14:52 AM
From: Dan Duchardt   of 42787
 
Stcgg,

Seriously, the double top is ominous here

Yes, but... I'm not ready to call it a double top. The August 14,15 high provided support on Friday, with Dow closing only slightly below the 10dma. One bad day could take out those levels, but until that happens this looks like a normal 2 or 3 day retrace in a strong uptrend. And there was after all that long standing ominous diamond formation that recently broke to the upside.

I'm not all that bullish, actually. Oil prices are scary. The Nas looks a lot closer to a breakdown at the moment than the Dow, but even there one can find Fib retraces and prior highs for potential support. I'm not even close to fully invested and that's almost a sure sign there is more room to the upside. If the nearby support breaks this week, or if the next Dow attempt to clear those April highs fails, creating a more localized double top, then I'll get more bearish.

Dan
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