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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: StockOperator who wrote (17705)9/6/2001 4:15:28 PM
From: StockOperator  Read Replies (1) of 52237
 
Charts look ugly. CSCO broke four month lows this week; MU has a major right shoulder break down on a long term chart; I don't know what kind of news INTC will release but the close in prices last month was lousy and should be a good clue regarding where prices may be going; QCOM buckling under pressure. The bottom line is stocks when looked at the longest timeframe are still buckling under the same downtrend line established from their very highs set in 2000. Look at stocks like SRNA which hit a low of 5.46 in April after which it ran all the way back to 40 before crashing all the way back to 11.00 (current price). As we head into the end of this quarter (this month) this stock has the very distinct possibility of retesting the lows set in April. I think the action in the NAZ is all about whether or not the lows set over the last six months can hold or fail their respective retests. Stocks like SEBL have already come up short

Oh yes I just wanted to add one more comment in regards to my point on SRNA. With the current price roughly in the 11 dollar range and a low in April in the mid $5's it would have to lose roughly half it's value over the next couple of weeks for that retest. A definite "flush" in my opinion. What that says for the rest of the market is just sheer speculation.

Good trading.
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