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: Lee Lichterman III who wrote (7597)	5/17/2001 11:36:11 PM
From: Berney	Read Replies (1) of 52237

Lee, Your danger signs are timely. I was actually surprised looking at the weekly INDU chart. Clearly, many thought that 11,000 was magic. However, closing values for the weeks ending: 8/27/99, 11,366; 4/14/00, 11,425; 9/8/00, 11,401; 5/17/01, 11,329. Let's just say that these didn't represent entry points. Paul Shread's UTX has an absolutely fantastic channel on the weekly charts. It is there, and probably says a lot for the significant industrial cyclical component of DJIA. NDX is clearly a flag. I always have a hard time characterizing it as bullish or bearish. Which ever way it breaks will eventually tell the story. I sold a bunch of it on 4/18 at $47.70. Let's see: it closed at $47.90 today; the option premium writers have had to be loving life. Berney

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