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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: dennis michael patterson who wrote (21806)	7/8/1999 3:55:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 42787

Yes I saw that I missed that trade, maybe I will get a second chance but I doubt it. EMC is in a precarious position here. I have two forks that it could follow from here, one upward one downward and I am anxiously awaiting it to make up it's mind. I too was bullish until tonight. As I posted on the MDA thread though, something is wrong with the market and I can't quite put my finger on what it is. The movements just aren't right with many stocks and there seems to be abnormal movement inthe intra day activity as well. I get the feeling the indices are being played with again with GE being used to day to prop the DOW. Also while the press is talking about how less companies are warning and how great this quarter is going to be, I am seeing the exact opposite with companies that usually haven't warned in years suddenly coming up short. I still think the bias is going to be up but I also feel that money is leaving this market and a crash is only one bad earnings statement away. I am seeing fewer stocks moving up and more and more rotation to keep the indices pumped on the backs of fewer sectors. Note how software was up and now PCs are moving as software backs off. Also the heavy weights are the ones that are being pushed while the smaller issues that won't move the indexes are being ignored. I drew a fork just for gee whizes tonight on AMAT and NVLS and it fit almost too well to be coincidence. While I don't expect it to hold, I left it on the chart just to see. If it does hold, those stocks have seen their highs and could fall drasticlly later this year. Many stocks are at decision points. My downward fork on GTW is at a jucture just like EMC. WCOM has now dropped toa point where it needs to bounce or it is done as a long play for a while. EBAY is also getting close to it's do or die point. I am seeing this more and more with some stocks having to climb or stay trapped in their descending forks and others having to bounce or they will fall out of their upward forks and start new descending ones. The indexes look great but the stocks that make up this market are not looking as well. I know we have talked about this on the MDA thread for over a year now but it is still happening and it is getting worse instead of better. This mania is drawing to a close and the only question now is when not if it will die. I am finding it harder and harder to find stocks that I would own long term and when I do find them, most of them show a chance that they will be cheaper to buy in the future. Anyway, I got off subject and I will just have to hope I can get back into EMC or else I will go with my alternate plan to buy long term for my kids in my favorite beaten down stock. CHRZ warned after the close so there could be another sale tomorrow in the IT stocks. This coupled with Don's day three set up may get me some good entries if I can get away from work and watch for a time to pull the trigger. I think EXDS has about run itself out for the short term. EBAY seems to be getting ready to rear it's head again in a few days but I don't trade them so take it for what it is worth. Just my read from how the forks look. Good Luck, Lee