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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: orkrious who wrote (10967)7/4/2001 10:00:34 PM
From: Justa Werkenstiff  Read Replies (1) of 52237
 
Jay: I was bullish for sloppy rally into the Fed. meeting and we got that but was not committed to what would happen thereafter except to say the downside was limited at that juncture and that any rally was probably not worth playing. I think the bulls may have another shot next week to bring this thing back but the upside is limited in my mind on a risk/reward basis. The next few days may provide a better entry level for a trade as I still believe that absent a major external or earnings shock the downside is limited as well as complacency seems to be a trend-- although I would expect this trend will begin to erode over the next few weeks as visibility and guidance concerns resurface.

Bulls have to be disappointed with this week so far. Outside of the Nasdaq, this has been a terribly pathetic rally. Many on SI have solely focused on the Nasdaq and have ignored the broader market performance.

Bottom line is that the market does not seem to have enough juice to hold everything up at once. You rob for the Dow, S & P 500, NYA, OSX and XAU and other places to pay up for the Nasdaq and you get a rally that the Nasdaq shorts have laughed off. This does not bode well intermediate term for the overall market in my mind. Bottom line also is that the Nasdaq has made a lower low and a lower high this week which spells "downtrend." Imagine the VIX and VXN falling to new lows without a higher high in the market.
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