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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Bryan who wrote (66441)	10/19/1999 12:24:00 PM
From: stan s.	Read Replies (1) \| Respond to of 90042

MU, hi Bryan. Not much I can add. A nasty breakdown from the beautiful up trend line around 72. As you say nice support around 56 7/8. As far as how it will end the day, I have no idea. But overall, gap downs don't always test support, they'll often free form a new line of support on their own. Usually after a few days, standard Bollinger bands will tend to cradle it, giving good outer parameters (once they've leveled out).Obviously if it ever does reach 56 7/8 and holds...that would be a good entry. My take based solely on the chart...a little dead cat bounce tomorrow followed by some general, yet slightly negatively biased volatility for a day or two...then a basing pattern of at least several days. That basing pattern should be flattish but with a slight bias towards the direction the sector is taking. My point here being that for a daytrade, possibilities always exist, but for a buy and hold scenario, I'd want to wait and see some direction. For some reason I can't get my weekly chart to come in right now...those are very useful for longer range forecasts. Remind me soon and I'll take a look at that. Of course news during the earnings season is key whether stock specific or sector related. I only include that caveat for lurkers, not aimed at you at all... Best of luck with it. Stan