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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: John Carson who wrote (42266)	2/7/2001 9:46:03 PM
From: Paul Shread	Read Replies (1) of 42787

Good comments, John. I should probably clarify that I am still longer-term bullish on the market and believe that the lows are in. We've broken a rising channel, which to my knowledge has no measurable downside target, so it's anyone's guess how low we go or how soon we turn around. Essentially what has happened is the beginning of a correction out of an uptrend, IMHO, so by definition we should not get new lows. But where she stops, nobody knows. ;-) I wish the uptrend had lasted longer, but the length of time and volume pattern definitely means it was not a bear flag. KO had one of the nicest rising channels I saw last year, and it retraced about two-thirds of its gains when it broke; we retraced 50% as of today, so we could reverse here. It's possible we could reform the uptrend; the NDX in particular has a little wiggle room. It's possible we also could form a big inverse H&S extending back to late November.

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