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: Jack T. Pearson who wrote (7767)	5/22/2001 1:05:26 AM
From: Lee Lichterman III	Read Replies (2) of 52237

Agree on the no guarantees of a reversal due to over bought. ADX on some of the front runners reversed and all it signalled after the pause was a second bullish leg. NASDAQ is threatening to do the same. Also the bull flag targets higher levels. The 2400 area is the last chance for conventional 62% fib retrace of the drop from September then we should be clear to the 2650 area where the 38% of the larger drop fib retrace level is. I would be very surprised if we can clear that. I will be gone the rest of this week so I am biased long in my trading but fully expect a pullback soon. I am pretty well hedged against anything short of an all out crash which hopefully will wait for my return. <g> FA wise though, this is nuts. I just finished reading an article about how lousy DRAM spot prices are and how it isn't expected to change anytime soon. Board builds are also way down. Regardless of if the commercial guys are as short as the last COT report showed or not, one thing is certain, they aren't long and I doubt we put in the final bottom and head up permanently without them on board. Right or wrong, they have enough capital that they can take us down if they want to get on board. I think we are just being led along as they let the Mutual Fund sheep provide better short entry levels for the next leg down. Question is when? June, July at the latest is my guess. We are 6 weeks off the low and entering that prime time period where double bottoms most often occur. Of course this has been a long drawn out bear so maybe things will evolve more slowly. Good Luck, Lee

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