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

To: Chris who wrote (5089)	4/5/2001 11:40:58 AM
From: donald sew	Respond to of 52237

Chris, >>>> you pointed out maybe double bottom on your indicator...I'm getting same reading too on daily ndx...<<<< Dont get me wrong - Im not saying that that the recent low was or was not the bottom, just that this forthcoming rally may be stronger than the previous 1-2 day up move. Also this recent selloff was about 14% below the previous short-term trough, so it does qualify for the RETEST RULE that I follow which is that declines of greater than 7% have a high probability of retesting. And we have todays GAP with the common rule that gaps need to be filled. Just dont know when the GAP/RETEST will get filled. On a brighter side, that likely forthcoming RETEST, whenever it occurs may then confirm the main bottom if it is a successful retest, forming a DOUBLE BOTTOM. As for the NAZ NET NEW HIGHs-LOWs - it got as low as negative 500 hundred yesterday and today it is showing strong improvement and right now, which of course could change, is now only negative 153. It is still negative, so it needs to continue to improve and get back into positive territory for this rally to continue. Regardless, it is still a strong improvement over yesterday. As mentioned in the past, I will still continue my bear market strategy where I will start to add short positions which will hedge my long positions once my short term technicals hit the midrange. If/as it continues up I will continue to add short positions whereby strengthening my hedge, and once/if I get CLASS SELL signals I will close my long positions and be strictly short. So, basicly, I will be/am still in more of a bearish mode. In no way am I convinced that a bottom is set in the overall market, but am willing to say that that the recent bottom in the NDX at 1348, yesterday, is close. Im still holding to my position that 1063(OCT 1998 BOTTOM) should be the maximum low. If I see the forthcoming retest fail, then I wont be as confident on 1063 being the maximum low.