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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Gersh Avery who wrote (24408)6/17/2000 2:52:00 PM
From: Trading Machine  Read Replies (2) of 42787
 
Wellllll Gersh, just to put a little balance in this opinion - the banks didn't TANK! Sorry! The difference between $1.34 a share and $1.25 or so, isn't defined as tanking. As far as oil is concerned, I too share this concern but an analyst looked at the price of oil after inflated dollars were used to pay for it and its still cheap. It is my belief that it will have an impact but not quite as negative as the author implies here.

You know my views on the H&S on OEX. The only thing I can say here is that there is a heck of a lot of resistance/support and other stuff before we even think about breaking the neckline at 725 (mine) or 735 (his). I have my blue line at about 755 or so, and historically if that line is broken (and it can be), I draw two conclusions. First we don't go very far down past the line and second, we don't stay there very long.

I had a similar experience when OEX was at 640 a coupla years ago, - The FED stepped in and bailed a bunch of folks out! To break this H&S to the down side would, in my opinion, have the same connotations and if it were to happen (which I think is very unlikely) I would bet the farm (and I do gg) that the FED would once again step in.

I DON'T KNOW, ITS JUST MY OPINION, and we all know what thats worth. ggggg

CU

Paul K.
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