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Strategies & Market Trends : Trend Setters and Range Riders

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3:59 PM EST

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To: Frederick Langford who wrote (22464)	8/14/2002 7:10:24 PM
From: Susan G	Read Replies (3) of 26752

I was just scanning through weekly stock charts from my stock watch list and was surprised to see how many - 50% - 75% of them, have weekly bearflags forming. I've never seen so many of the same pattern on weeklies, all at once. May need another week or so to finish them off, if they don't break down this week. Just wanted to give a heads up that these patterns are starting to form. All of these are backside bounces to weekly resistance on declining volume...Some of the dailies are looking good, but looking over some of the weekly charts there are too many perfect bearflags forming not to be a warning. All can go higher, some quite a bit higher, but a few are setting up as weekly short setups so this overhead resistance should be watched. Some of them are not textbook and are rather messy, but those usually have the same result.... Weekly bearflags on: IBM LOW JPM EBAY CCMP GENZ NVLS FNM MSFT AMAT ZRAN INTC WMT C AXP FDX PNRA ORCL CSCO WGO DKWD NOVN UOPX NOC TMCS MTH RYL DHI LEN BZH KBH PEET FRED TENT ASCA TUES BBBY SONC THCH SHW NMHC BRLI RARE WEN YUM KSWS CENT BYBI SKX MCD HD (maybe) UNH (maybe) MRVL (maybe) MERQ (maybe) BEAS (maybe a tiny one) SUNW (maybe a tiny one) Most of the gold mining stocks have weekly bearflags also, and the ones on all the housing stocks are perfect ones. So are the one on LOWS and IBM which really stood out right away. There's one starting on the weekly NDX too, but it can go to about NDX 1015 before it's voided out.

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