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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 (23324)	5/23/2000 9:24:00 AM
From: donald sew	Respond to of 42787

Dennis, It is common in a downtrend that quick reversals, like the one we got yesterday, are at least retest rather quickly. The same goes in reverse for uptrend moves. Something in line with the belief of double-tops/double-bottoms. Im not saying that it cant break below yesterdays intradays lows, just that it is common to see at least a retest. There are more occurances of double tops/bottoms than V/inverted V shape reversals. Earlier this morning the futures were up nicely with the NAZ futures up 40+, but now they are down 27. Not that I put alot of emphasis on futures before the open, since they are low volume instruments, but its not giving an initial sign of a strong follow-thru today. seeya

To: dennis michael patterson who wrote (23324)	5/23/2000 9:25:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 42787

Maybe, an argument could be made to that but I prefer to use the trend line that goes back to Feb 99. It connects the lows of Feb, March, April, May, June, and August ( Some months have multiple touches. This line contained all the previous drops including the April drop this year. That line is pointing to the 3K area as does numerous other trendlines so I think we are headed there eventually. If we do it this down cycle or wait until later this summer I don't know but I suspect it will be in the next week. Today will tell if yesterday's rally was a fake out like I suspect or if it was a more meaningful bottom which I feel is possible for the reasons I wrote last nioght but doubtful for the reasons I said. I am leaning heavily toward more downside, then a buy later. I ran my scan this morning on the updated data and it did NOT give me a buy. Therefore I will see what happens here and hope for another leg down for better prices. Good Luck, Lee