Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Skeet Shipman who wrote (50046)	1/23/2001 8:18:33 AM
From: robert b furman	Read Replies (2) of 94695

Hi Skeet, I agree with your change of market mood. I like to watch stocks trade within their envelope channels. Often times at market mood changes the bearish downtrend moves to sideways.When this occurs a stock's price will move from below or on the lower envelope line up to the top line.This generally provides formidable resistance. Here is where I think we can gain some future insight: If the downside resistance firms up at the mid point of the trading channel - it will provide a great platform to reverse from and then with high probability pierce up thru and above the top of the trading envelope. At this point we have a bull and the top of the trading envelope will provide support and good entry levels for BTD's. Right now I'm saying we have a sideways market looking to build a base from which a bull can breakout from.One of the biggest criticisms of this nice rally is we have very little new leadership breaking out - I think we're still building some base. A bear market does not go sideways.Moderate dips that hold at the midpoint will be tomorrow's new leaders. JMHO Bob

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