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

To: Chris who wrote (22634)	4/4/2000 11:06:00 PM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 42787

Well I have to say I was bullish as all get out and got out of a meeting just in time to see it dropping like a rock. Picked up the phone to try and get some SUNW calls when it dropped below 80 as they were selling LEAPs for zero premium but couldn't get through to my broker. Had to leave and go to another meeting and it was back almost flat when i returned. After tonight's chat though, what I pictured in my mind on the way home as being numerous hammer bottoms don't look so bottomy now <g> Alot of those bounces were off soft support or moving averages that I don't put a lot of faith in. While I saw today as a chance to make a great day trade, I think we could drop again 200 points on teh NDX and there is a good chance of it based on a lot of my other charts too. Too many stocks are not on real support and the closing rally may have been short covering. I still think a rally is possible but a lot of technical damage was done. I think the big question is margin calls. Will today not being down that much on a closing basis head off the margin calls or are there some lingering hittingthe 72 hour mark that since we didn't go up, will hit tomorrow? I think if we go up mid term, we have to do it right away otherwise my cycles turn down again soon. What really has me worried is how the bonds and notes are not turning. I have sell signals on teh bonds and notes and they are being negated. Either this is the short opportunity of a bond trader's dreams or the market is about to get in real trouble with the decoupling from the market. I also am showing the general market, mom and pop type stocks topping in teh next week or three max. If the NASDAQ can't find strength to allow a rotation, then the whole shebang could go. Financials weakened today which also is not too good of a sign. I actually like a few stocks here and would be a buyer of some of the big boys that dipped today so don't get me wrong, I thought today was a great chance to get in. Guess I should have kept some low ball bid limit orders in for whenthe lines jam. Running behind tonight so have to go. Connect the lows of last summer through now and extend out. It should come to today's close on teh NASDAQ. That line needs to hold or we go down. This also aligns with my mid tine of my fork. This is a great place to bounce and rally. If not, it is a big negative! Note Friday is the employment report we have rallied on for teh last 7-8 times. Will the magic work again? Good Luck, Lee