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

To: gancho who wrote (4093)	8/4/2000 3:43:08 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

Let's hope so. In the meanwhile I took a small position on the bu$, hoping for a late day short covering. With the bu$ one may not know what the weekend will bring, disaster or "glory". Oh, I got in "late" at $71-1/8. I am also back in ADI at $57-1/8. These three are as much as I dare to go sleep on over this weekend (g). I am already under water in AMD, I hope it is not an indication of what happens to the rest of them (VBG). Zeev

To: gancho who wrote (4093)	8/4/2000 6:18:05 PM
From: Logain Ablar	Read Replies (2) \| Respond to of 30051

gancho: I have a PnF chart of a NAZ stock for you to look at. After you've had a chance to look at it I have a few questions. Now this is just a technical read since knowing the fundamentals can cloud your (our) judgement. 1) Excluding market conditions (which have high risk right now in the NAZ) would you invest in this stock? A PnF follower would not. It actually is on a sell signal from $17.5 (4th column over from the left) and just broke the bullish support line @ $16.5. It generated a new sell signal @ $13.5 which was a quad bottom break and has bounce up where demand in in control but this can be a Dead Cat Bounce. The PnF follower would wait until the stock reversed from here, printed at least 3 O's and reversed again and generated a buy signal. With the stock @ $15 & 3/8 the next support is $11 or 28% away. The next resistance is now @ $17.5 or 13% away. So if one is buying they are taking on 28% risk to miss out on 13% gain. Bearish Price Obj: 3.00 43 43 42 42 41 * 41 40 -X * ----------------------------------------------------------------------40 - 39 X O * 39 38 X O * 38 37 X O * 37 36 X O * 36 35 -3 O X ------* ------------------------------------------------------------35 - 34 X O X O X * 34 33 X O X O X O X * 33 32 X O X O X O X O * 32 31 X O O X O X O * 31 30 -X ----O X O --O ------* --------------------------------------------------30 - 29 X O X O * 29 28 O X O * 28 27 O O * 27 26 O * Top26 25 ---------------O ----------------* ----------------------------------------25 - 24 O X * 24 23 O X O * X 23 22 O X O * X O 22 21 O X 4 X * X O 21 20 ---------------O X O X O X ----------------* ----X ------X O --------------20 - 19.5 O X O X O X O * X O X X O 19.5 19.0 ------------* O X O X O X O ------------X ----* X O X O 7 O --------------19.0 18.5 * O X O X O X O X O X O X O X O 18.5 18.0 --------* ----O --O X O X O --------X --X O ----X O --O X O ---------- Med18.0 17.5 * O X O X O X O X O X O O 17.5 17.0 ----* ------------O X O X O X --5 --X O X O ----X --------O --------------17.0 16.5 * O X O X O X O X O X O X O X X O 16.5 16.0 * ----------------O X O X O X O X O X O X O X O X ------* O X ------------16.0 15.5 O X O X O X O X O X O X O X O X * O X 15.5 15.0 ------------------O X O X O --O --O X O X O X O X --* ----O 8 ------------15.0 14.5 O X O X O X O X O O X * O X 14.5 14.0 ------------------O X O X --------O --O ------6 * --------O X ------------14.0 13.5 O X O X * O 13.5 13.0 ------------------O --O X ------------------------------------------------13.0 12.5 O X 12.5 12.0 ----------------------O X ------------------------------------------------12.0 11.5 O 11.5 11.0 ---------------------------------------------------------------------- Bot11.0 10.5 10.5 10.0 --------------------------------------------------------------------------10.0 9.5 9.5 The bearish price objective is computer generated and should not be used. However if one were to go back over a longer time chart resistance levels are around the $11, 9, 7 and 4. The odds of this stock going to single digits are much higher right now than going to the $20's. This is just a technical read but considering the market risk as well $7 is not out of the question. Tim