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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (85702)	11/13/2003 8:43:40 PM
From: skinowski	Read Replies (1) of 209892

STJ - Bullish, bearish, or noisy? That's likely to be a $2000 question, maybe more... The stock closed at 60, right under the 78.6% retracement of the impulsive looking decline of last June-July. Connecting the recent tops on the daily projects roughly to this area. Right here, the move out of July low equals the one which started from the the August pullback. If Phoenix were here, I am sure he would probably point out a whole bunch of other harmonic observations. The daily MACD shows a bearish divergence. Funny, the recent advance failed to cause any real upticks in the ADX. What does all this mean? For aggressive types, it's probably OK to try a nibble short (IMHO) with a hard stop. I haven't done so yet, but may, unless it gaps away tomorrow. Waiting for your favorite trendline or MA to get broken would be a more conservative way of doing business...

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