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

To: JRI who wrote (35733)	11/16/2000 1:46:52 PM
From: Paul Shread	Read Replies (1) \| Respond to of 42787

I agree lack of volume is a plus, as long as it doesn't pick up. However, buyers' strikes can send stocks down a long, long way before buyers step in. I think the chart patterns are calling for at least a retest of the lows, and possibly a couple hundred points lower than that. If volume doesn't pick up in the next day or so, it might not be that bad. There's a gap at 2966 on the COMPX that probably needs filling. The major problem is I don't think psychology has turned to the point where we can expect any sustainable advance. I frankly would like to see 2850 not hold on a retest, so we can get this over with; that would take us back below the line that marked the mother of all blow-off phases that began in December 1998. We still have earnings warning season coming, and I doubt it's going to get any better. Doesn't mean the market has to keep going down, but we need a psychological wash-out and turn to insulate the market from further sell-offs. We haven't gotten that yet. This slow bleeding could otherwise continue forever.