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

To: Chris who wrote (28117)	8/22/2000 8:48:59 AM
From: Lee Lichterman III	Respond to of 42787

To tell you the truth I am just not sure. All these wedges and bear flags along with the over bought readings don't look good. I have over bought or sell signals on just about everything I track. The ones that don't are dropping anyway so my bias is down... BUT .... Look at the dollar! Unless this is just short covering ahead of the meeting, it appears someone is buying up US backed assets driving the dollar higher which bodes well for the market. I am stuck in one small losing position right now but other than that I am going to wait and see the reaction to the FOMC before playing too big on anything. My charts are heavily biased down but I have learned to never under estimate a mania. Look at PG up big despite them already admitting the rest of the year would be dead. Either a free short or the mania is getting ready to start again. Thought about a few straddles on stuff like ORCL, QCOM, YHOO etc but not so sure we will get a big enough sustained move to make them pay off this far away from expiration. Would be better if there was a bit less premium on them. We need the dollar to break and right now it isn't looking as weak as expected. I will likely see the reaction and wait for my High/Low chart to signal me the time is right as well as when I get a sell signal on the Dollar chart which seems to be a few more days away. Good Luck, Lee