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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: HammerHead who wrote (2141)3/6/2001 5:52:16 PM
From: StockOperator   of 52237
 
Robert, yes those are just two. The red on my quote sheet got longer as the day went on. Although the COMPX and INDU closed higher than where they opened, stocks like CSCO closed poorly. The market has a dilemma. Prices have been all pumped up - people are excited and stocks are running into very serious long term pressure. They have no where else to go and there's 3/4 of the month to go. Now either they are going to push through this resistance, and in the case of the chip stocks, form patterns that would imply a parabolic from here (with our fundamentals I doubt it), or they are going to break down from here. I think the thing to watch over the next couple of days is to see whether the strongest stocks just manage to churn sideways while the AMZN's of the world deal with the pressure that's coming. Also keep an eye on CSCO and ORCL, both of these stocks could crack again over the next couple of days and give us an idea on how things overall may play out.
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