Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: donald sew who wrote (34606)	11/2/2000 11:01:41 AM
From: donald sew	Respond to of 42787

With the NDX and NAZ up 80+ points I have a borderline CLASS 2 SELL signal on them. If the NDX/NAZ closes at their intraday highs and continue its upswing, I would get a CLASS 1 SELL signal by THUR/FRI. Im still not expecting a strong pullback, but just an opportunity to take short-term profits and reinitiate short-term long positions after the dip. It would be more bullish if the NDX would be able to produce a HIGHER HIGH above the previous peak of 3500; however with my short-term readings already in the overbought region, Im not fully confident that the NDX will be able to break above 3500 for this specific short-term upswing(1-5 days). If 3500 on the NDX is not broken to the upside then that would produce a LOWER HIGH. Although we have seen some sort of sector rotation from the DOW into the NAZ over the last few days, the momentum which recently pushed the DOW up hard just doesnt seem to be in the NAZ, at least not yet. One bright spot for the NAZ is the possible 3-WHITE SOLDIERS in the BTK.

To: donald sew who wrote (34606)	11/2/2000 11:04:12 AM
From: Paul Shread	Read Replies (1) \| Respond to of 42787

Good point. The island is considered a minor reversal pattern, and calls for a complete retracement of the minor move which preceded its formation, so you're right, it completed its predicted move when we retested the bottom. I still see filling those gaps as unfinished business for the NDX and COMPX; I had assumed that filling them meant we would continue up, given that they were part of a reversal, but we'll see. I still see lower lows ahead for the COMPX, particularly given the rising wedge already forming in the SPX, but I don't think it's going to happen for a couple of months.