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

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To: The Perfect Hedge who wrote (15935)	9/26/1998 1:48:00 PM
From: HighTech	Read Replies (3) of 42787

OK, now don't whip me for this, but I think Favors is going to be proved wrong. I just looked at some charts today of various markets and the Naz 100 both on daily and weekly has broken through convincingly the downtrend line from its highs a few months ago. I think the S&P and Naz have also broken through their daily downtrend line. The Dow has not done so. I don't know much about P&F but the notion of waiting until the entire NYSE universe shows signs of accumulation and that it must increase a certain percentage above a low makes good sense. Think about it. They are looking at a very large group of stocks that are showing increasing demand, ie buying signals. This is not detectable in watching certain TA indicators and stochastics. It represents the reality of the fight between buyers and sellers and what P&F are saying (IMO) is that the buyers are starting to win the battle with more and more stocks. In other words, more stocks in the universe are now starting to be under heavy accumulation with a greater number of NEW buy signals and a fewer number of NEW sell signals. Now, P&F are not saying (IMO) that the market cannot go down during this accumulation (just as the market continued up when they began to go on defense), but they are saying (IMO) that accumulation is greater than distribution at this time. This sounds like the stuff bottoms are made of not further major selloffs. That is not to say that there will not be further weakness or pullbacks, but I'm guessing that any further weakness would be a buying opportunity (at least in the short-term). Have we really seen an overwhelming amount of selling the rallies that we experienced over the last few weeks? I say no. Maybe we get one last selloff. Then it's over. Nevertheless, I think the bottom may have already been reached around August 31. BWDIK? HiTech

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