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

To: dennis michael patterson who wrote (1541)	3/1/2001 7:25:16 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 52237

My targets are buried in here.... By L3_Aka_L3 on Thursday, March 01, 2001 - 07:09 am: I wish I could say I see the bottom but while I do see some signs we are nearing another bounce point in many of the charts, there is still a serious lack of volume, capitulation and fear in the market for it to be high probability. My biggest fear although I hate the valuation is how QCOM is so heavily weighted still on the NDX and how it is sitting on critical support that could cut it in half or worse if it slips here. I am starting to see more anger but not fear. I just got banned from a thread over on SI for pointing out the truth. Truth hurts although it was a bit of a cynical post. -ggg- I was looking through some of the carnaige thus far. Sure is a good thing they put BVSN in the SPX for that 30 to 7 drop, most of the internets are now below 5, the B2Bs all seem to be headed to zero, I recall rejecting GSPN as a short play because it was already down to 30.. now at 20. Still, we haven't seen the broad market selloff that indicates panic or serious flight to safety. Stocks like JEC, DOX etc are still hanging tough and MU hasn't reflected the Semi down cycle yet. My daily short cycles are still showing a few more days of down but my longer term cycle work points to a reversal on the NASDAQ any day now with the low coming today and the bounce being tomorrow. THIS IS NOT AN EXACT SCIENCE so I won't be betting on it hard. It is just a hint and needs confirming signals. The weekly charts are still pointing down with AMAT's weekly sell signal and hanging man finally starting to bear fruit after a good fight. EMC is headed for the 35 target, CSCO looks headed to 17, GLW 21, QQQ 42 etc. I do think we are getting close but there is a risk of not stopping at supports and instead over shooting. We were looking for bounces in the 1800 NDX area before the plunge to 1500 but we could just do the whole thing if we don't get some good news soon. Of the most interest to me is the rollover that appears to be finally happening in the bank stocks. Once they get going, things could really get ugly in the broader market away from tech. I sat up all night watching the replays of the Greenspan testimony. First I want to know where this "free float" he was talking about. Other than Gold shorts, I don't know of any free money out there. I think New York needs to re-do their election. Everyone of their representatives were morons! The first guy tried to badger AG, the second obviously didn't know what she was talking about, was reading something written for her and didn't even know how to pronounce half the terms and last the third guy from Queens looked more suited for a boxing career with me never figuring out what he was trying to ask. Mass. had what I thought was the brightest guy in there. He went straight for the heart of the whole scam. He addresses liquidity injections, speed of FOMC actions, he understood the whys and hows of what was going on etc. and asked some key questions. The only other one I saw that was worth his 5 minutes was the guy from Louisiana. He got AG to say something I never thought I would hear. Basically that there should be more visability in the market for things we have been screaming about for a long time. Free real time quotes, timely short information( not delayed two weeks), SEC actions etc. AG basically said the exchanges and SEC think they own information they don't really own so it should ALL be public information. I bet there was some squirming when he said that on Wall Street!!!! Anyway, things aren't clear that we are near a bottom yet but there are a few hints. If we could get a strong down day with some real volume, I might dip a bit for a longer term play but until then, I might miss the bottom but I am standing aside. I really didn't want to but I had to sell more calls yesterday to protect my back on some positions. I prefer to sell near highs but since things were so weak, I figured I better sell some now to lock in some lower prices and raise some more cash. I am still holding some QQQ LEAPs I am deeply under water with right now and the calls aren't commanding anything so I can't even sell calls against it anymore. Hoping I can find the bottom on those so I can average down then sell calls on the bounce. Using fib targets on the weekly chart, I moved the line down and now concur with Hahn about the 42 target. Good Luck, Lee