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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: sandeep who wrote (39067)12/22/2000 3:00:01 PM
From: StockOperator  Read Replies (2) of 42787
 
sandeep,

My whole perception of the market is grounded in the technical makeup of the charts. I couldn't make a strong fundamental case one way or the other for 90% of the stocks that I follow. That's not my strong suit. I have spent many years, however, pouring over timeframe and trends with regards to price and I do feel comfortable sticking my neck out when the proof is so overwhelming. Just take a weekly look at at a basket of stocks on the naz composite and you will see prices that are rolling over. All at the worst possible time. The only thing that I believe might save us here is a preemptive move by the FED and a all encompassing statement saying they will do whatever it takes to ensure a soft landing for our economy. Oh yes I forgot to say that I believe they need to make it THIS WEEKEND. Otherwise, the downdraft in prices will carry stocks to know man's land, where the bottoming process would have to start all over again from lower levels. Prices, according to the charts, are going to head lower without it.

The close today will be very important. Watch how stocks like IBM finish off. Weekly reversals in a basket of stocks would make me more optimistic. One more hour to go.

Good trading.

SO
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