123 Trends and Reversals Message Board

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Strategies & Market Trends : 123 Trends and Reversals

QQQ 635.77

+0.5%

Oct 29 4:00 PM EDT

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To: Ally who wrote (142)	2/22/2001 11:13:15 AM
From: Mark Z	Read Replies (1) of 147

Hi Ally...I've been lurking here for awhile...here are some candidates you may want to consider. Not textbook 123's by any stretch but support/resistance are easy to pick off on weekly, daily and hourly charts. Similar to what WMT was before the HD, et.al. news this week sent retailers tumbling: BUD (40-47 or so) KMB (65-72) PDG (8 - 9+) FDX (40-45) JNJ (low 90s to high 90s) MCD (28ish to 30) DIS (28 to 32) SZA (low 40's to 50) LMT (uptrending, buy on dip or cover at middle of channel, sell/short at top) SBUX (also uptrending, currently in 45-50 range) Boring but you can make money on them short and long and the volume is decent (SZA excepted). If you want a bit more excitement, RHB. Low volume, big moves but pretty clear support & resistance. I had CGO and FWRD on my list as well but recent fundamental news (CEO dies in plane crash for CGO, bad guidance for FWRD) has pushed them out of their normal orbits. When they settle down, they also tend to trade in tight ranges albeit on low volume. Also HD & WMT although recent fundamental news has also taken them out of their ranges; and with the Retail Index having broken its 4 month uptrend to the downside, I'm just monitoring those guys now.

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