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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zack P who wrote (3787)	7/28/2000 8:02:36 PM
From: Bosco	Read Replies (1) \| Respond to of 30051

Hi Zack - but professional sentiment is also a contrarian indicator for many pros [talking about loopiness :)] That is to say, if bullish sentiment remains, no capitulation! Of course, there are people like me who would remain optimistic until I got to the basement and then decided to throw in the towel :)! best, Bosco

To: Zack P who wrote (3787)	7/29/2000 10:07:38 AM
From: Alastair McIntosh	Respond to of 30051

Hello Zack, Dave Poxon (not Poxton) is indeed one of the analysts whose comments I regularly read on stockhouse.com and stockhouse.ca. His comments are always interesting and often right. He is seems to be right more often than some of the better known "gurus".

To: Zack P who wrote (3787)	7/29/2000 10:26:10 AM
From: chip	Respond to of 30051

I just perused David Poxton's current article: stockhouse.com He doesn't seem to be seriously worried about a major sell-off. "Evidence points to a minor down wave Is this the beginning of a major wave down? If you are wondering this, you are not alone. This is a question that is being posed to me by investment pros. This situation in itself underscores that fact that the tech wreck of the March-April period is still influencing decisions. In my mind, this indicates that a run to new highs anytime soon is very, very unlikely. As I pointed out Friday morning, normally when a major move is about to be uncoiled, it does not start out with a relatively benign sell wave such as we have had over the past nine sessions. Rather, it starts with substantial selling. The chart shows the difference. The trough ALR Osc. reading on this sell wave is -36, compared to -57 when the NASDAQ turned down from a high in March. Bottom line suggests bargain hunting The recent buy wave had some real intensity behind it and all waves take breathers. The selling intensity on this short-term down wave is nowhere near previous bearish levels, so this represents a very good time to pick up both short and medium-term trading bargains without much downside risk." Chip