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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 687.57

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Dec 10 4:00 PM EST

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To: HairBall who started this subject	6/17/2001 1:58:08 AM
From: HairBall	of 99985

COMPX Intraday Chart... My QCharts "Intraday" - COMPX (NASDAQ Composite) 65-Min Semi-log Chart The price action Friday bounced right in the area of the upper boundary of the 4/17-18 gap up. And, you might want to note the influence the Sept Falling SRL (Sept 2000) is having. Amazing coincidences or self-fulfilling prophecies, what do you think Dave...<g> Maybe it was a sudden price earnings multiple change intraday bounce...LOL. The price action since the 5/22 high seems to be in the process of establishing a falling trading channel, let’s see! My intraday technicals were for the most part all lined up for that bounce at the gap. The price action following the bounce formed a bearish consolidation pattern, but instead of breaking to the norm, the price action traded sideways out of the pattern. This suggests more upside price action is likely. However, the reason I always plot both support and resistance on my charts is to allow for quick recognition of an incorrect read. Being wrong in a trade is not what takes your money, falling to recognize your wrong soon enough is the culprit...<g> marketdirectionanalysis.homestead.com How to Interpret My Charts marketdirectionanalysis.homestead.com Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.

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