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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: StockOperator who wrote (35592)5/7/2002 11:21:41 PM
From: StockOperator  Read Replies (2) of 52237
 
Alright, now that we know how the market received CSCO's earnings it is almost assured that we're going to get some sort of bullish move in the morning and perhaps over the next day or so. Not really surprising considering the carnage seen over the past couple of weeks. Whatever happens I think it is important to note that there has been plenty of technical damage done to charts that cover a wide spectrum of the market. That damage is important simply because it has etched itself firmly into their charts and will be the basis of any future TA work. More importantly any rally tomorrow related to the CSCO announcement can do nothing to change the future implications, when stocks like IBM, JNPR and CIEN break into multi-year lows. It's like water under the bridge, the damage is done.

The thing to watch over the next couple of days is how far these prices run. And probably just as important if not more so will be to keep an eye on the stocks that trade contrary to the rest of the market. Similar to what EMLX, BRCM, and MANU did today. Watch for any further price deterioration by stocks late to the party. That combined with the damage already seen tells me that this market is right on course for what I've been outlining these many weeks.

Good luck trading.
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