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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: JRI who wrote (2705)3/13/2001 10:45:12 AM
From: StockOperator  Read Replies (1) of 52237
 
JRI, some stocks could rally from this point into the meeting and it would not even help the overall structure of their charts. They wouldn't even be close to making any type of reversal. Of course this statement paints a picture with a wide brush. It is not true of all stocks. But have you noticed over the past six weeks how brief the rallies have been? Those long term trendlines, originating from the very top, are literally sitting on top of prices. That's why we're seeing increased bullish "activity" in the pre-market and stocks gapping at the open. Prices have been unable to mount any kind of sustained rally because of those trendlines. A big push in prices at this level would have to happen on the back of a catalyst that could turn market psychology - FED rate cut? We've had two already maybe the third will be the charm? I really don't know.

I just found a perfect example of the point I was trying to make. Here is a post that I addressed to you over the weekend:

Message 15482987

In that post I mentioned that I believed SFA would come under pressure this week. Look at an intra-day chart for the past two days and you will see a stock that was actually up for a good part of the day yesterday but then look what happened. Today it's getting killed. This is the kind of thing that's been happening throughout. It is also my frame of reference on a day like today with plenty of stocks trading in the green. They can run but they can't hide. The pressure is there.

Good trading.
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