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: TechTrader42 who wrote (17045)	8/28/2001 11:25:54 PM
From: stockman_scott	Read Replies (2) of 52237

Briefing.com General Commentary Updated: 29-Aug-01 <<Give me an "M," give me an "O," give me a break! Just as the sector shows signs of regaining momentum, the bottom drops out. Surprised? No. Disappointed? Sure. Unless you're short, you can't help but be disappointed by the lack of follow through to Friday's rally try... On a positive note, volume remained light making it difficult to assign much meaning to Tuesday's pullback... Could have been nothing more than a knee-jerk reaction to the soft Consumer Confidence data... Even so, it shows just how fragile sentiment is at the moment. Sector is still oversold, meaning that the short-term risk/reward ratio favors the upside... However, as evidenced by yesterday's action conviction on part of buyers remains suspect... As such, negative news announcements, be they economic or corporate, likely to result in air pockets... Bear channel on the Nasdaq chart suggests near-term upside potential to the 2000-2050 area, with support near 1800.>> Robert Walberg

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