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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 675.37

-1.2%

Nov 4 4:00 PM EST

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To: j g cordes who wrote (33789)	8/26/2001 9:26:12 PM
From: shasta23	Read Replies (2) of 67638

>>However, following that, if energy companies think they can go after the public like last winter.. next Spring will be tough and re-test lows. Gov debt won't improve, big cap spending will be cautious..<< Seems very unlikely when you look at the charts of CPN,ENE,REI,MIR etc. Larger investors bailed month before the sentiment in the press turned against these companies and their tactics that the party was coming to an end. I know it's overall a very complex thema with some companies using the unclear situation in the spring in california locking in long term contracts that seem now like gifts from Gray Davis who touted on his own website at the height of the investment run in energy companies that it wasn't too late to invest in them(only some members of the CEC headed his advice and paid in money and political credibility)...oh, i'm getting started on that again. Overall the threatened crisis with blackouts never came and during some days in the summer time California was actually starting to export energy in other states(for one dollar per megawatt hour!!!!) because conservation was so successful. I think that the energy companies would fear nothing more than a continued or even increasing conservation effort in California and spreading into other states....a long story! Otherwise who knows where the market will go. The majority of the charts i have in my database are in triangle consolidations at best with a handful hinting to an uptrend and a larger group still in solid downtrends. Nothing really to get enthusiastic about. I think that we are still in a bear market and that it might take a while. Stefan

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