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

To: StockOperator who wrote (5808)	4/18/2001 8:57:08 AM
From: StockOperator	Read Replies (1) \| Respond to of 52237

I just got back into town and am in the process of playing catch up but I wanted to quickly touch on our current environment. Now that the DOW has taken out 10150 (if it continues on this course) could be drawn like a magnet to the 10800-10900 level. Of course there's some congestion in between those levels but still that upper trendline could have a pulling affect. What's the likelihood of this happening. Well I have a ton of stocks brushing into their upper resistance levels. Stocks like CIEN and SUNW are going to gap and likely run right into qtrly resistance. Levels that should keep these stocks in check for the next couple of months. Watch the $60 level on CIEN for signs of a rollover which most likely will affect the entire market. If I am right this impressive move will be looked back on as a backing and filling process within an overall downtrend. The unknown question as always is will this quarter build a bottom or will prices continue to break down into the second half of the year. Unfortunately we need more time to answer that question. But I do believe that many of those DOW stocks will give us clues in the next couple of weeks. One other thing to keep in mind. I have been talking the last couple of posts about the Nikkei and the fact that it's bouncing from a very significant point on its chart. Something we have to keep an eye on here. This rally could be a multi-month or perhaps yearly move where prices run back up to the 18000-19000 level???? This could be significant because during the last three bottoms the Nikkei has almost always rallied in sync with our markets. Which could speak volumes for the rally we are currently seeing on the Dow and Compx. Yet I have to respect those qtrly trends. If stocks like CIEN blow through 60; AOL 50; SUNW 22-24 I will have to aggressively reevaluate my positions. Good luck trading.