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Strategies & Market Trends : Technical Analysis - Beginners

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To: Webb B Blackman Jr who wrote (8759)	10/3/1998 11:09:00 PM
From: Ken Carter	Read Replies (2) of 12039

Webb, I stand corrected on LU. Dave DID say that the stock failed. One of my questions was based on this note: << NO!!!! The fact that a stock has gone down 50% does not mean that it will now go up...... NEVER, NEVER, NEVER buy a stock with that type of logic.... When a stock is going down it will establish a down trend that is very hard to break out of... Why not put your money into stocks that have already established UP trends???? The chances of them continuing their journey up is much greater then a stock already down 50% establishing a new trend up..... When you look at the charts, look at a weekly chart and see where price is heading.... If the weekly trend is up, chances are the daily will follow.... When the weekly is going down, move on..... >> My question was, if a stock goes down. Many times they will form a base and then start back up again, agree that there is more resistance but when the market is acting the way it has lately, MOST stocks that have been in an upTrend are breaking down now. Wouldn't it be prudent to look for stocks that have been beaten down that have been good performers and look for a buy point in them instead of stocks that are hitting new highs? Ken

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