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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: dennis michael patterson who wrote (36347)11/26/2000 12:57:30 AM
From: donald sew  Read Replies (1) of 42787
 
Dennis,

>>>> I think Minday will be a hard down, as the Prez thing will go at least 2 more trading weeeks. <<<<

Although I fully believe that the election issue is effecting the market, Im really not convinced that it is the only factor, and may not even be the most important factor. Im not saying that the election issue didnt exaggerate the downside and wont limit the upside, but when I looked at the charts carefully, I really didnt find anything that I could spot that would be considered an anomoly. The one big down day at electioned time was larger than previous down days but wasnt at extremes, like double the size.

Prior to the election the market was already heading down and I believe a descending triangle was already forming prior to the election. Of course the indecision of the election added negativity to the market, but the market was already negative at the time.

Since the election the NDX declined about 18% more, and yes some of that 18% was due to the indecision, but I would not say all of it and maybe even not most of it. Earning warnings are also a major factor recently.

I do believe that there will be a retest of the 2667 level on the NDX. Will it come immediately or later, I dont know.

However, until I see an actual break below 2667 or a major deterioration in the market internals, I still feel that 2667 still has a good chance of holding.

seeya
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