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

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To: AllansAlias who wrote (29102)	9/6/2000 1:18:53 AM
From: Lee Lichterman III	Read Replies (2) of 42787

I would have to take issue with your statement that news does not over ride TA. I can speak from personal experience and I think many other "chart chasers" would agree that at least one example of this would be when AG dropped the interest rates 15 minutes before the close producing a massive short squeeze that hurt me to no end a few years ago. I was 90% short and the charts were screaming that the next Monday would be a black Monday to make '29 look like a pimple. I can't recall one bullish thing on the charts that day and that was one trade where I was very very comfortable. Apparently AG was looking at the same charts. <ggg> I don't think there was any way of predicting that move. I would also point to the suprise earnings warnings etc that take a rallying stock and cut it in half in a matter of minutes. As for the market I am actually fairly bullish here so far as I had us very over bought and way over due for a drop. In the face of the INTC downgrade and the collateral damage to the other heavy weight techs, we held up pretty good today IMO. The Market internals were not very bearish and the dollar stayed strong. Now if the internals deteriorate or the dollar collapses or the wedges are broken on volume, then I will join the bear camp. Until then, I think we should only expect a fib retrace and some volatility as futures contracts are rolled over to December. I have many DOW stocks ready for bounces and a few techs held up very well. I agree with the poster that said to watch CSCO, although I would add SUNW to that but I feel the dollar is most important. Good Luck, Lee

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