Stock Attack II - A Complete Analysis Message Board

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

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To: JRI who wrote (1189)	2/26/2001 9:39:22 PM
From: stockman_scott	Read Replies (1) of 52237

JRI: Here is a market analysis that a friend emailed me today... <<13:49 ET ****** Chart Watch : So far so good for the Nasdaq Composite. While the index has been unable to recover back to the early session high, the action thus far has been constructive. Opening follow through gains were stymied as the index ran out of gas after the 144 point surge in a little over 3 hours of trading, the failure to test the longer term trendline (Oct 1998/Jan 2001 lows) near 2320 and the lack of leadership from the semiconductor sector amid TXN concerns. However, this constructive pattern will remain intact as long as short term support at 2238 and more importantly 2226 are not taken out during the current consolidation phase. Taking a step further back, there are other factors that are lined up in the bullish camp. The first is that the daily indicators are deeply oversold. While these studies have yet to generate buy signals, they are beginning to rotate higher. The second is the ability of the index to stabilize back above the Sep/Nov 2000 trendline that was temporarily breached last week. Clearly there is work to do but the market is in position for at least a more sustainable bounce than seen over the last month. A cross back above the long term trendline would add weight to this outlook. The Dow is in a similar short term position as it rebounds off the bottom of its four month trading range. There is a considerable amount of consolidation in 10,550 to 10,600 area which may hamper the upside for the short term but improving technical studies argue for further gains. Next resistance is in the 10,705 to 10,754 area (200 day simple ma/Feb 09 low)...>> _____________________________________________ IMO, we may have tested the bottom on this leg of the Naz correction and I plan to stay quite fully invested right now....Nothing can be taken for granted in this market environment though <VBG>. Best Regards, Scott

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