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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Challo Jeregy who wrote (25336)12/3/2001 8:39:22 AM
From: donald sew  Read Replies (5) of 52237
 
DEC 3 INDEX UPDATE
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I should be able to post regularly soon, but will have to make this one quick.

I had originally gotten DAILY and WEEKLY CLASS 1 SELL SIGNALs on NOV 21. Both the DAILY and WEEKLY signals are still pending, and were never negated. After the daily signal rang it sold off some and retested the local high, but never negated the signal. The WEEKLY SIGNAL had the WINDOW until last week(about 5 days after the WEEKLY signal rang which landed on NOV 28).

Keep in mind that for the last 12-13 trading days(almost 3 weeks) the overall market hasn't gone anywhere. In light of the short-term and mid-term overbought readings per my system, I am suspecting that this is a plateau prior to some sort of a pullback, not a consolidation period for further run-up.

The NAZ NET NEW HIGHs-LOWs have yet to break above 100 for even one day. During the rally in the spring the HI-LOs were able to break above 200. The rally off of the SEPT 21 bottom, so far it is similar in size to the APRIL-JUNE rally, but has taken longer to this point and with poorer HI-LOs. Just not a good support for a NEW BULL MARKET to start/continue from here.

I would not be surprised to see one last up leg though, something like a relative blow-off, although Im more leaning towards the opinion that a mid-term top(30 days) may have been set. However, that also doesnt mean that the market crashes - we could see something similar to the rally in the spring, where the market trades in a relatively tight range for awhile, say about 200 NDX points.
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