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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: dennis michael patterson who wrote (15156)	8/27/1998 10:55:00 PM
From: Lee Lichterman III	Read Replies (2) of 42787

Curious as to reasoning for you going long? I too was over come with temporary insanity and grabbed some 525 OEX calls at the close. I then came to and wondered why I did it. I have been noticing some starnge things tonight though as I have been updating my charts. Many stocks made hammer formations while otheres formed indecision spinning tops. The hammers could be a good sign but the spinning tops? I don't know if I should take this as a bullish sign that they didn't want to participate in todays carnaige or if it is a bearish sign showing that there are many more that can still fall. Note that these tops were not at support levels but hanging in the middle of a channel. My charts are all done by hand so I don't have fancy screens I can run etc but I am curious if the banking sector with exposure to Russia and the semi's and semi equip sectors with etc had allot to do with today's action. Amat's news and Asia exposure made this look worse on the indexes than it really was. The reason I ask this is because I like to think that myself and my investing friends I chart for tend to stick with good companies and all shyed away from Asian exposed companies eons ago. Most of the ones we watch did not get hit too hard today with the exception of KEA which I am still trying to figure out as to why. Anyway, since you are in DELL I will use that as one of my examples, DELL formed a spinning top today, or a doji (it is too close to say but the meaning is the same) almost exactly half way from yesterdays action. Considering that the indexes broke down, would you say that is a good sign or bad? Any insight as to what you expect for tomorrow since Asia was down and is now recovering? I was expecting a bounce today but couldn't watch the market and it missed my limit sell by a quarter of a point, my work is still interfering with my trading <ggg>. My conflicting views - reflex rally should normally happen on this type of drop, weekly charts show an upswing due anytime, my over sold and stochastics are showing entry time is near. vs - todays close on the indexes were at the lows, daily stochastics and charts show slide could continue for a few days more, tomorrow is Friday and who wants to hold over the weekend after what happened today? Thanks Lee

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