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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Raymond Duray who wrote (11809)7/16/2001 4:12:43 PM
From: TechTrader42  Read Replies (2) of 52237
 
Ray: I was just looking for a quick bounce in the sector, after today's sell-off. In this market, there are few industries to invest in for the long term, with the possible exception of soup kitchens (and, of course, technical analysis, which speedily adapts to any market with an infinite supply of wrong predictions).

Whether I'll see even a dead-cat bounce is questionable. But some of the oil-service stocks are hitting or heading toward targets I set a while ago, and sentiment seems delightfully pessimistic.

There's certainly a lot of room to the downside, though. RIG, for example, was at 20 in '99.

Speaking of longer-term charts, I was just looking at a monthly chart of the VIX. Those confident of a rally should look at the Dow and VIX around the middle of last year, and at the VIX now.
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