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: StockOperator who wrote (37159)	6/19/2002 3:58:53 PM
From: StockOperator	Read Replies (2) of 52237

Half an hour left in this market and I finally get a chance to sit down. My comments yesterday regarding the "setup" at the close for todays action was definitely appropriate. The semis and really tech in general under severe pressure. Look at all this downside action and QCOM is down only .30. (I take that back it finally broke that low and currently at -.51). I make this point because who do the mm's think their kidding. Only down peanuts with the overall avgs getting crushed. Such are the games we play. The close in stocks last week dictated much of the continuation this week. Regardless of what I hear on CNBC my work tells me that there is still work yet to be done on the downside prior to this months end (i.e., CSCO, QCOM). The beautiful thing about the market is that it is constantly giving us lessons. Not only does it hand these out but it also reinforces them by repeating them over and over again, especially for those that are around long enough. Yesterday I mentioned three stocks that were actually trying to break into higher ground, they were INTU, EBAY and LEH. All three are down today but the thing worth noting is the trading in INTU. Today's trading was the first crack in the dam that MIGHT say that this recent uptrend/possible breakout may be just a "headfake." We got our first reversal day which could be the first clue that this stock maybe heading south in a hurry. One day does not make a trend but today's action opens the door for that possibility. Besides, the thing I constantly ask myself is why would any of these stocks run contrary to my overall roadmap, if indeed my roadmap is the way things play out. Because hindsight is not the luxury of the trader, we have to constantly attempt to fill in the charts before the market does. Good trading. SO

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