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Strategies & Market Trends : Technical Analysis - Beginners

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To: Michael Watkins who wrote (11518)	2/10/2001 10:14:55 AM
From: Trader X	Read Replies (1) of 12039

I agree, the set up is for a short-term bounce. I noticed many semi equips with bullish candles on Friday, and so I expect them to rally for a short-term rebound next week. After that, it's anyone's guess what they do. It really depends on how much juice the rally gets, and does it spread into good market breadth. Anyway. I'm planning on it being a short term event. It may do the Nas good to correct down to 2000, at that level it might instigate a very strong rally, and all those stocks you mentioned as "close to falling over" could finally make a bottom. As a disclaimer I should say that inverted hammers are not the most reliable of sticks, but it does look as if the bulls are attempting to muster an attack now. Do they have enough ammo left to overwhelm the bears? There is considerable sideline money in the funds, record levels I understand. If that money ever really started to ignite the market, it could light a bonfire. Regarding INTC weekly... chart.bigcharts.com MACD is turning up, Stochastics are in bullish divergence, it looks like a good buy on that chart as well.

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