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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: StockOperator who wrote (41128)1/19/2001 1:32:26 AM
From: Jack T. Pearson  Read Replies (2) of 42787
 
StockOperator,
I greatly appreciate your timely remarks. Most of the stocks I follow are at the top of their Bollinger band or are showing resistance at the middle of the band (JNPR) where they have turned back several times in the past. Several of them appear to have hit resistance today. The rest will hit the top of their Bollinger band tomorrow on any significant gap up. The S&P 100, NDX, and Nasdaq all hit, or with a gap up will hit, both their 50 day moving average and the top of their Bollinger bands. The last two times this happened they were turned back and reached lower lows. Will this time be different? Things could continue up for few more days, but I suspect not. I will set stops tomorrow--a point or two below the opening price in most cases. I may also buy USPIX shares if the turn is obvious during the day. My reading of the charts is that a strong downward movement is more likely than sideways basing.

On the fundamentals side, several of the high P/E stocks have posted very good earnings in spite of the drop in earnings in many other tech stocks. I think that, in addition to the Fed's vigorous change of direction, have produced the rally of the past two weeks. It will be interesting to see if these high P/E stocks with good earnings lead or trail during the next correction. If they lead, it may signal lower lows are coming.
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