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Strategies & Market Trends : LastShadow's Position Trading

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To: LastShadow who wrote (18382)	8/2/1999 9:36:00 PM
From: AlienTech	Read Replies (1) of 43080

Internets on the Edge Right now all these benchmarks have been tracing out head-and-shoulder top patterns since December 1998 and have now reached critical junctures. None of the patterns in these indexes have triggered yet, but they are getting close. The breakdown levels for the key Internet indexes based on their head-and-shoulder patterns are: IIX < 250 CINX < 385 BUSNET < 129 HMQTINET < 350 DOT < 495 The breakdown levels for stocks are: AMZN < 84 AOL < 89 YHOO < 117 INKT < 80 LCOS < 34 MSPG < 27 CNET < 38 EGRP < 30 USWB < 17 1/2 The following stocks have already broken down: LVLT QWST SPLN EBAY SPYG The following Internet stocks have held up so far: ADBE SGI QCOM SFTBF Whenever classic patterns like head-and-shoulders or double tops and bottoms appear in a wide range of instruments in the same industry, and they all break down within a very short time period, the signal becomes very significant. This is all part of reading the market--being able to synthesize the information from various related indexes and the stocks in them. When they're all shouting the same message, it's in your best interests to listen carefully.

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