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: Chris who wrote (7450)	5/14/2001 7:51:21 PM
From: donald sew	Read Replies (2) of 52237

MAY 14 INDEX UPDATE --------------------- Short-term technical readings: DOW - midrange SPX - lower midrange OEX - lower midrange NAZ - oversold region NDX - oversold region VIX - lower midrange Per my short-term technicals the overall market is in the lower midrange, which is a common reading right before important news like the FOMC meeting. If the NAZ/NDX continues to sell off I would get a CLASS 1 SELL signal in 1-2 days, and 2-3 days for the SPX/NDX. Obiviously, the outcome of the FOMC meeting can set the direction of the market, and right now the short-term technicals are not really giving firm hints of direction after the meeting. As mentioned previously, there are bullish and bearish chart patterns developing at the same time(INVERTED H&S, RISING WEDGE, ROUNDING TOP), thereby giving mixed signals. My short-term reading is still giving a hint that it could break to the downside, which would be bullish for the market. Still mainly in cash, but am considering doing a straddle/strangle tomorrow.

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