Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Roebear who wrote (67122)	5/26/2000 10:32:00 AM
From: BigBull	Read Replies (1) of 95453

Roebear. Security trader must have switched the charts before I got a chance to look at the DOW chart. What did come up on my screen was the Computer index. That chart is what I would call a true H&S top. The problem I have with security trader is that he finds the H&S formation too often. I was trained to look for them only after very long trending moves. Such is the case with most technology issues and indexs right now. The weight of the evidence is becoming overwhelming that a major distribution top (of the H&S variety) is now in. This has serious bearish implications for the technology sectors of the market. Of course some technology issues are further along in their own private bear markets than others. I personally, am staying away from the sector until I see a well traced out and confirmed bottom formation. That simply is NOT the case right now. My bet is some time in the fall would be an excellent time to invest in these stocks. Having said that, I knew one trader from NYC who would constantly amaze me by pulling small fortunes out of counter trend trades. Some guys are good at it and can do it consistently. I can not. Know thyself. This is not my game. About DOW stocks, I am more sanguine about the prospects of some of the big cappers who seem to have completed their bear market already. PG comes to mind. Love the Oil majors in here. "Buy the Dip" on those puppies. JMVVHO.

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