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

To: adcpres who wrote (34630)	11/2/2000 3:12:35 PM
From: Paul Shread	Read Replies (2) \| Respond to of 42787

GH, Good to see you. I agree things look surprisingly bearish on the COMPX and NDX. Interestingly, if we call the patterns rising wedges, they call for no more than a return to the 3000 area - no big deal. But if we treat them as bear pennants, the ensuing drops should be 500 points, taking us to ~2800; to do that, it's going to take a negative outlook from CSCO, not QCOM. I don't know why we're going to get a sell-off, but it sure looks like it at this point. Someone on this thread called for a November sell-off some time ago; they may turn out to be right. I think you're probably better drawing the COMPX pattern from Thursday; you get a line with much more touches that way, and an earlier warning that something is wrong. I think the NDX is the better pattern to use here, as it's unmistakeable. Again, these patterns, combined with the big rising wedge in the SPX, makes me think that the Nasdaq might be headed for lower lows 2-3 months from now regardless of what happens in the next week or so. And why not? Everyone expects the market to go up. This has been one tough bear in the techs and Nets, and it doesn't seem to me to be worked out yet, BWDIK. Paul