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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: StockOperator who wrote (40955)1/18/2001 11:22:39 PM
From: StockOperator  Read Replies (3) of 42787
 
If my analysis is correct we have come to the end of the road for this latest move up. Tech stocks across the board will be running into huge resistance with tomorrow's gap open. IBM, ORCL, MSFT, SFA, INTC, SEBL, XLNX, EBAY, SDLI and the list goes on and on, all running into serious long term resistance. The stocks that are not there yet will most likely gap into their resistance in the morning. Just look at the disparity in some of the after hour prices for certain stocks. Some are slated to open multiple points higher from where they closed.

I will be watching the close tomorrow for signs of a turn in prices. My interpretation of the charts with the close in prices today is that the market is going to sell off on the FED move (possible 25 bs pts??). My reasoning is simply that the push that we're seeing right now in prices, in advance of the announcement, coupled with the longer term chart patterns indicates to me that a breakout in prices (beyond this point) WILL NOT be happening in the month of February. This scenario opens pandora's box regarding all the possible negative fundamentals that we currently find ourselves dealing with. Of course I could be wrong but the resistance on the charts is major. If I am wrong the setup for the push in February should be evident going into the meeting.

Good trading.

SO
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