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

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To: Paul Shread who wrote (33045)	10/16/2000 11:29:08 AM
From: eichler	Read Replies (1) of 42787

Paul Thanks. I'm noticing alot of skepticism on the two main threads I follow, MDD & Stock Attack, on the prospects of a continued rally from Friday's lows. Actually, I consider this semi-bullish. Before Friday's low, it seemed there was considerable speculation of "this time, we put in the low" which seemed to be replaced by mounting speculation that "doubtful the low has been seen". This is consistent with my observation that human nature supports the consensus at the worst possible time...selling the bottoms & buying the tops. I was disappointed that Friday did not bring the much anticipated "crash" and feared it may not happen as sentiment became too negative. When too many expect the same, Mr. Market does what he needs to fool as many as possible and keep them off balance. To follow up on the last train of thought; it was pointed out in a very good post that Friday's run up was with Negative Money Flow. This indicates to me that the run up was engineered and manipulated. Now that sentiment is skeptical and fearful, Mr. Market will quietly work on fooling the shorts and attracting as much rally bandwagon money as possible, preferably as late into the rally as possible. Then the set up to tank it again will be complete and time to leave the bag holders stranded again. It was also pointed out over the weekend that Max Pain is somewhat higher for many stocks than current levels. This should provide some upward pressure for at least a few days. Anyway, it appears the $compx may put in a white candle today on the daily chart and could attract further buying which should improve the look of the chart day by day. One current benchmark I am following JNPR is now working to take out its 52 week high. Considering the daily trend channel connecting the highs of 7/13 & 9/5 and the lows of 8/3 & 10/9...projecting the uptrend line should yield an expected new high around 270 which IMO will mark the end of the current rally over the next days or weeks. Nothing in this market has been easy since the mania blow off early this year. I wouldn't expect this to change and the trading action should continue to be frustrating for bears and bulls alike. Should Friday's bullish engulfing be negated, you can just throw these thoughts into the garbage where they will belong. For now, I believe prospects are promising. Holding my breath and crossing my fingers.... Regards, Eichler

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