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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Michael Watkins who wrote (3299)3/18/2001 10:57:57 AM
From: StockOperator  Read Replies (1) of 52237
 
Mike, the fact that you're hearing a lot of people talking about a bottom makes me want to fade that argument all the more. I don't know maybe they're seeing something I'm not. As I said in a earlier post I do have a couple of companies that "look" like they're going to try to push higher this week. The interesting thing about that is they are a couple of generals. Which I plan on taking seriously. However, my approach to the markets has always been based on what I believe to be some simple truths. I follow all the major indices just to be tied to the overall cross currents of prices. Plus I follow a broad basket of stocks which not only allows me multiple trading vehicles but it also offers me insight into market direction at times when you're overall market "visibility" is muddied (I am really beginning to hate that word <g>). Hence, if you have 80% of your stocks breaking key support it eventually has to mean that the indices would soon follow. All anyone has to do today (this weekend) is start scanning chart patterns to realize that this is happening on a massive scale. Damage that only worsened this passing week.

Regarding the chart you posted. I think it's a perfect illustration for prices overall. The fact that we've broken support speaks volumes in itself. I think the scenarios that you posted are all possible. Which one actually plays out may be impossible to predict especially in a fast moving market like this week may bring. Yet our only advantage may be in what the market has given us already. A giant basket of stocks that have already broken down to levels where there's little support left. Once again time will tell.
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