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

To: Hawk who wrote (6675)	5/1/2001 4:18:36 PM
From: Paul Shread	Respond to of 52237

On the other hand (I should be an economist -g-), everyday I look at the charts on IBD's markets page, and everyday they look like very nice action to me: base, breakout, pullback to test breakout. Just what you want to see. The lows may be in, but I want to see a rally off the bottom that leaves no doubt in my mind: broad-based buying that raises everything with it. I don't want to see GM sit like a turd below 57. I think the January bottoms are very significant, because the Fed began cutting rates there, so there's a lot of money sitting there itching to get out even. The fact that we can't get quite up to those levels tells me they're coming down to sell. That's not a good sign. Rising resistance is almost impossible to exhaust. We probably wouldn't really put in a bottom until we put in a significant higher high at 1380 SPX and 2900 COMPX, but the good news is that if we turn back here and set new lows that number will be lowered to these levels. ;-) Gotta run. Glad we got the discussion back on the market. ;-)