Stock Attack -- A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: dennis michael patterson who wrote (23978)	6/2/2000 8:32:00 AM
From: Lee Lichterman III	Read Replies (2) of 42787

It seems the more important the market timing becomes, the less time we get to pay attention. <gg> Obviously this mornings employment report will mean a lot. We have rallied hard on this report EVERYTIME for as long as I can remember so I pretty much expect the same. It will have to be really bad to trigger a sell off IMO. As I have been saying, the mutual fund end of quarter is driving us I think and the bias is up. I do show us approaching over bought and have a few signals starting to fire off but we either have, or are about to, take out some downtrend lines here and any rally today will take out most of those that remain. We may have made the turn up for the multi week rally I was looking for in earlier posts. If so, I expect the pullbacks to be minimal and the upside to be the more profitable trades for the next couple weeks into triple witching/full moon when I expect the trend will reverse again. If we stay up today, the Russell 2000 will finish out it's weekly bul;lish engulfing candle and the Wilshire looks pretty good too. Again, this morning's report can change all this but I doubt it since the funds don't want to send J6P a statement that says you are losing money and watch inflows start to dry up. I hate chasing and am struggling with trying to decide if I will wait for a pullback or if I will just grab something and hold on this morning for a position trade. I think I too am anxiously awaiting the morning report to see how it looks since we are so close to so many resistance levels. I again want to remind everyone that my system may give over bought and sell signals that get negated if we are in fact coming off a longer term bottom since it is designed for a trading range and trending market and takes a while to re-settle when a major change of direction occurs. I am still a bit cautious since the VIX is dropping so fast, the put call ratio says everyone is bullish and I am getting over bought readings already. Also the breadth and volume of this rally is not as good as they would like you to think. The advance decline numbers look good but if you dig deeper and look how many stocks are actually moving up, you will find many only going up 1/8 of a point to paint the tape so it counts as an advance with the majority of the movement still being concentrated in the heavier weighted issues. Report gets released in 5 mintues so we'll see. Good Luck, Lee

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