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

To: flyeguy99 who wrote (30883)	9/24/2000 11:45:17 AM
From: Gersh Avery	Respond to of 42787

"not a hammer" *VERY* good point

To: flyeguy99 who wrote (30883)	9/24/2000 12:40:26 PM
From: theniteowl	Read Replies (1) \| Respond to of 42787

"Not a hammer" thank you, WOW, stockcharts, Yahoo, ask research all show a hammer, but looking at the minute charts from Friday the opening was significantly lower (3505 or 3512) Great observation.

To: flyeguy99 who wrote (30883)	9/24/2000 1:00:57 PM
From: bobby beara	Read Replies (1) \| Respond to of 42787

flyguy99, yep anybody who uses candlesticks should use the nasdaq comp and not the ndx. for what ever reason the charts on ndx dailys don't show the proper open on gap up and down days.

To: flyeguy99 who wrote (30883)	9/24/2000 1:13:52 PM
From: theniteowl	Read Replies (1) \| Respond to of 42787

How does this effect the weekly candlesticks? Thanks.

To: flyeguy99 who wrote (30883)	9/24/2000 4:26:55 PM
From: Casaubon	Respond to of 42787

I stated early on friday that the move had the potential to form a bullish counter attack line. I believe that is how this stick can most closely be labeled. The gap down with the close at the high is the hallmark of such a counter-attack at the end of a downtrend. The day did not have the feel of a hammer day (which usually leaves me with a more secure "feeling" of the ensuing rally). Oddly enough, the questionable nature of the conter attack line can sometimes lead to a more healthy sustained rally than a hammer because it is harder to identify the move. Since the nature of the reversal is more in question, people continually jump into the ensuing rally late and with disbelief.

To: flyeguy99 who wrote (30883)	9/24/2000 4:48:37 PM
From: donald sew	Read Replies (2) \| Respond to of 42787

Flyeguy99, >>>> Not a "hammer" on NDX, NDX opened at 3505 and proceeded to go up from there all day, qcharts has painted a hammer cause they used the previous days close as the open on the NDX for Friday which is NOT correct. <<<< Good catch. I did not think of checking it since the SPX and OEX were HAMMERS. As for the SPX and OEX, those HAMMERs could be misleading, since the individual issues do not open up at the same time. >>>> look at the COMPX or QQQ chart in which this did not happen, it correctly put up a bullish engulfing stick on Friday <<<< Actually the CANDLESTICs on the COMPX and QQQ are bearish formations not bullish, although not perfect. The COMPX has an imperfect "ON NECK BEARISH" formation. The first day of the pattern(THUR) should have been a LONG BLACK day, and the 2nd DAY(FRIDAY) should not have been that long, therefore it is not perfect per the textbook. Not that I always follow the textbook, as long as the phychology of the candlestic pattern is similar. On the QQQ, the candlestic pattern is also bearish, and is called a "THRUSTING" pattern, but again not perfect. Both patterns imply continuation to the DOWNSIDE NOT upside. The reliability of both patterns is only fair to low, but they are not bullish patterns.