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

To: OX who wrote (30949)	9/25/2000 7:20:51 PM
From: Lee Lichterman III	Respond to of 42787

OX - Thanks. I am just getting home and haven't done downloads so no real short term market outlook yet. I meant to address some of the things I read last week and over the weekend and never got the time so I will do so now before I forget again. Terry, you were talking about Oil services last week. Sorry for the delay but it was fairly apparent by mid week they would paint a bearisah engulfing candle on the OSX and even if they recovered, it would have been a hanging man. Someone knew the SPR release was coming and they were getting out of the oils. As for all the talk about Gold stocks. While I agree Gold is too low and due for a bounce in the mid term future, I have mixed feelings about the actual gold mining stocks. First off, the market tends to look in the rear view mirror despite where it should be looking. Earnings this quarter will probably be low since gold has been low the last few months trading right around cost of mining. I personally prefer the stocks that don't hedge so they may be hurt the most. Add to that the higher fuel costs and they could be hurt even more than what the low metal price would have done. There is a lot of heavy equipment and generators used in these mines and the high oil costs may hurt them. I like a lot of these mining stocks here but the points I make here are causing me to try and wait until the last possible moment to jump in as I hope for a good clear TA signal telling me it is time for a bounce. As far as the rest of the market, like I said, I haven't looked at today's action yet but watching the quotes on my Cell, I am still fairly comfortable with the outlook I posted on our site for a fairly strong DOW possibly as high as 11300 and a SPX to around 1500 but am bearish on the NASDAQ thinking it will likely just print a small bearish wedge. Once this move is over, I expect a decent sized correction and am fairly sure there will definitely be a major correction before the year is over. I just don't know if it will be on this next down cycle or the one after that yet. Good Luck, Lee