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Strategies & Market Trends : Waiting for the big Kahuna
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To: Bull RidaH who wrote (26472)9/6/1998 11:05:00 AM
From: Arik T.G.  Read Replies (2) of 94695
 
David,

Looking at the big caps it seems there is little room to go up, while downside is still great.
The index stocks:

GE- New low. Local support from 9/1 and 9/3 at 78 broken on Friday. The 200 DMA at 82. The first close under the 200 DMA was 8/31, then 9/1 the stock closed above it, and the last 3 closes were below it-
9/1 is therefore the DCB (Dead cat bounce). 13 DMA at 85 and accelerating down to meet the 200 DMA. Look also at last week's volume.

MSFT- The broken support at 103 was tested 9/3 and held as resistance. Local support at 98 1/4 also failed in the aftrernoon.
If you look at 3 days SMA from the top, the E count is painfully clear. 3 of 3 is underway and nothing can stop it.

KO- Looks oversold, new low with higher RSI. Has room to go up.

XON- Looks like it has started 5 of 1 ahead of the market, and completed 2 of 5 on Friday.

MRK- Not clear. Closed only once under 200 DMA (now at 120). Tuesday will tell. Under 119 1/2 it's doomed.

INTC- The company has it's future behind it IMO, but the technicals are not that clear.

PFE - Turned down Thursday from underneath the 13 DMA, which is also where the broken support was. Gapped down Friday to open and close just beneath the 200 DMA, starting a clear 3 of 3. Under 94 on Tuesday will confirm 3 of 3 of 3 down, where the 2 is intraday Friday.

Got to go

ATG
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