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: Paul Shread who wrote (5963)	4/19/2001 12:23:27 PM
From: StockOperator	Read Replies (3) of 52237

Paul, frustrating day yesterday. My IP went down yesterday all day right in the heart of all the action. So I've been playing catch-up. I also missed CIEN at 65 which I think I may have taken out on the guy from Roadrunner. So far I don't see anything that would change my mind about the obstacles in front of stocks. The quarterly resistance for CIEN is roughly where we're trading today. The same thing applies for IBM at 113-119; SEBL up seven may have another 2-3 pts and then runs into problems; CSCO possibly mid 20's; SUNW maybe another 2-3; AOL roughly 50. Yet there are other stocks that can continue to push higher in this time frame. CHKP would be an example after blowing through one resistance after another. If this trend stays in tact prices could run anywhere from 80-105 from here. So it is definitely a mixed bag. For the compx I am seeing a lot of resistance right at this level. A push through here may push us towards the 2400 level on my monthly chart. I think the most important thing going forward is to watch how stocks handle these areas. If they continue to push through them (I would be surprised) but I think you have to take seriously. At the same time stocks like CHKP would be so far over extended that a pull back is almost definitely in the offering. I don't want to minimize what has happened the past couple of days. We have seen a powerful move in prices. The fact that the DOW has made it's way back to the 10700 area in itself puts a completely different spin on the damage we've seen over the last qtr. That and the fact that the chart on the Nikkei looks really bullish (so far) is going to make me look hard at my own market view. Good luck trading.

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