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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who wrote (13)4/16/2004 7:43:06 AM
From: coferspeculator   of 14340
 
Watch List Stocks-Activity for 4/15

JPM, LEH, MWD, WB are all mentioned below
Additional stocks-MTG,CY,AMAT,JCI,LNC,XLNX,NSM

JPM-Continues it's SOW on wide spread on an increase in volume. It's broken through support in the $40 area and today tested another support area at $39. It closed below it's current oversold line and in the area of it's PSY of January, with a spring of the late January lows. An LPSY to PSY count provides for a potential count on a weak rally back to a $40 level (LPSY) of $36-$33. There is significant support in the $35-$36 however that would have to be overcome before the more aggressive count could materialize. It is doubtful that the support there would be penetrated without significantly greater cause being built up at this time.

LEH-Appears to be trying to begin the backup to ice and it's supply line that will confirm, deny or keep in doubt the SOW.

MWD-Has penetrated it's short term oversold line and appears to beginning it's backup. Likely to reach the supply line before the ice level so the quality of the rally will confirm, deny or keep in doubt the SOW.

WB-Continues with it's possible SOW but today's action of a wide spread on high volume that closed in the middle showed demand coming into the stock as it touched it's oversold line. Look for a rally back to former support for a larger count to the downside.
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