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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 (28506)	8/28/2000 9:04:28 AM
From: Kip518	Read Replies (1) \| Respond to of 42787

from David Bensimon (taken from RWS boards) In looking at the chart this weekend, I must say that although a number of factors (including Daily and Weekly Closes above 3900) do indicate immediate continuation towards 4200 enroute to 4700, I still cannot shake a queasy feeling that a Daily Close at 3400 remains unrequited. I am pleased that the 100-point intra-day swings in both directions last week provided some profitable short-term trading opportunities (between 3760-3870-3980), but now find myself curiously ambivalent about the immediately bullish signals. Personally, I am still cautious about going full long at these levels, in part due to the poor quality of impulsiveness on intraday waves thoughout August. I would love to be as completely bullish as I was in late May, but the current technical structure and mixed bag of signals just do not provide as clear direction. This is not to say that the market will not continue from here straight to 4200, and holding some partial longs reasonably warranted, but trailing stops would seem to be a sensible precaution to take in the circumstances. A close below 3830 and then 3760 would represent the key trailing levels for downward acceleration toward a rendevous with 3400. [Note also that SPX 1538 - not very far away - is expected to provide considerable resistance, and failure to break the even closer top at 1517 could signal a return to 1460. An NDX drop to 3400 would probably be accompanied by a more substantial decline to 1400-1420 as a final pullback before launching the terminal advance to 1600.]