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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Jack T. Pearson who wrote (39718)1/2/2001 11:11:35 AM
From: StockOperator   of 42787
 
Jack,

<<<"I sure can't find anything to be optimistic about in the charts">>>

I agree. I tried to convey the same point in my message over the weekend. Today's action across the board is a reflection of our poor technical picture. Just look at the trading in the stocks that I pointed out in my last post XLNX, NTAP, ORCL, SUNW all breaking down at critical points on their charts. I hate to say it but when I look out over the horizon for most charts and assess the overall damage done, the impact on our economy is going to be much more severe than the Battapaglia and Cohen's of the world are anticipating. Prices are breaking into new lows across the board. Considering the lag time involved for any Fed easing and the very distinct possibility of only a quarter point move. The downward spiral in prices should only continue.

My approach has always been to follow the technical picture of what's in front of me at any given moment. An approach that has saved me through this entire downdraft in prices as well as the melt up in 98 when so many of the pros were calling it wrong. If Greenspan comes in hard to save the day (the earlier the better) that action should be reflective by sharp turnarounds in prices. But with stocks breaking into new lows this fact alone tells me that the ramifications of this entire bearish move is probably much broader than most analysts are anticipating.

Good trading.
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