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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Chris who wrote (6058)4/19/2001 9:31:06 PM
From: Lee Lichterman III  Read Replies (1) of 52237
 
Chris, nice reads and sage advice. We were just discussing stop losses on our site last night.

AS I just mentioned in an earlier post, on the dailies and using common sense, one would think that we should be due a pullback. However if this is a short squeeze, we may not get it and the weekly charts may prove more valid.

The big question of course is what will happen to all those QQQs and stocks that will be called away this Saturday after expiration. Will the call buyers be anxious to sell and lock in profits or will they hold? Early next week should tell us a lot.

Due to all teh posts today on SI, I am waaay behind but from teh quick peek I took at my own charts, it looks like we should have a minor pullback but that we won't come down much right off. If we go up too much more though, our indicator is going to give a hard sell trigger and the result of those is usually not pleasant.

One other sign that this rally may be a bit healthier than before, I am noticing all teh defensive issues being sold. I posted here months ago we would be able to tell a genuine tech bounce by the selling of the defensive stuff. Note how JNJ, MO, asnd especially Drug stocks are all being sold now. I am not saying the bottom is definitively in, but we probably won't go crashing down to new lows right away. BWDIK

Good Luck,

Lee
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