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Strategies & Market Trends : P&S and STO Death Blow's
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To: ajtj99 who wrote (15345)11/17/2002 12:06:34 PM
From: Jeffrey S. Lillie  Read Replies (2) of 30712
 
ajtj,
Have looked at an awful lot of charts over the weekend and it is not just the US indexes that are poised on the edge of major breakouts. FTSE, DAX, CAC are all as well. Of course they followed us up here. Even a bunch of mutual funds are at key ares. This range should provide some good resistace but the way we just gap over resistance areas these days, it could be gapped any day this week.

Bull or bear everyone has to respect the possibility that we could move sharply higher soon. Bullishness is rampant on the threads. I'd say DA BOYZ have done one hell of a job bringing folks back into the market.
The way I see it there are two scenarios for the coming weeks.
FIRST: Now that options are out of the way, we could reverse Monday and head south. Tops being in last week and 1426 on Nas to remain unpierced until well out in the future. I havent seen anyone of that opinion ohter than myself. It sure is lonely.

SECOND: Last week was a much needed pause for the market and now we can bust thru the Resistance and head to the 200day ma on nas. This is the common thought line around cyber land.

First is less likely, second is the obvious winner. The thing I dont like about the second is that if everyone is looking up, that is not the direction we are likely to go (me thinking like a crim again).

jeff
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