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

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To: John T. who wrote (25508)	7/16/2000 8:19:47 PM
From: Jerry Olson	Read Replies (1) of 42787

John excuse me..bearish wedge??? the SPX was trading sideways for a solid 2 months..look at a daily candle chart...end of May thru now...it was range bound... it simply broke out of this trading range to the UP side...the OEX has the exact same chart... when we get a pullback to solid support at 1480 which was serious resistance..this will be on contracting volume and become a BULL Flag... the INDU broke a desending triangle UP, it has risen above the 200-20-40 day mva...it's clearly on the move higher... the COMPX broke out of a pennant formation beautifully...after trading in the same pattern as the SPX etc for 2 months...each index is moving UP, not down... look at a daily OEX same as the SPX only it broke out and up off a bullish pennant...draw the lines from the May23/24th bottom stick up to the bottom of the June and July sticks... then across the top from around the Apr 25th time frame straight across the top thru July...this is a solid pattern.. while we may have a small short pullback from Tues thur Fri options exp week.. i look for a resumption of this rally to start on the 24th right thru the 31st...maybe even breaking out over these current highs... as each index moved up instead of down..this to me signaled the selling was over..they could have sold off the other way...but buyers appeared at all lows... the COMPX ADX on the daily has a buy signal with a rising ossilator...the first real buy signal since Mar... and for the bellweathers CSCO-INTC- et all...they really broke out too... so all in all this was a bull move with major implications to the shorts and bears...the real money to be made was on the long side... regards OJ

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