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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: StockOperator who wrote (41974)2/8/2001 10:21:56 PM
From: StockOperator  Read Replies (2) of 42787
 
Now that the weakness of our latest (failed) rally has shown its ugly face, where to we go from here? I believe the answer to this question plus the ability to successfully trade this market going forward is really quite simple. First and foremost we are NOT going to break into higher ground or start a new leg of the bull market in tech stocks during the first quarter of the year. I think if you plan your trading around this premise right away you will be ahead of most investors going forward. I have been saying for some time that the structure of the charts are not in a position to break before this time. The fact that stocks are breaking down now should offer some proof that this point has merit. Now if I accept this first point as being true my focus then turns to stocks and the lows already established over the past couple of months. My fear of missing the boat of a new bull rally has been replaced with the comfort of knowing that all the action over the next couple of weeks will be in stock prices trying to defend those old lows. Do or die! Either they are going to grind sideways or breakdown ugly. Like I said in a previous post stocks like CSCO, NTAP, SUNW, ADCT, SAWS and SDLI are just a few to watch. The fact that CSCO has already broken that support on massive volume is already a great clue as to the possible outcome for other stocks in the same position.

Good luck trading.

SO
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