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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: JRI who wrote (15349)	5/2/2001 6:02:06 PM
From: Mike M	Respond to of 30051

I'm interested about your comment "stochastics are not overbought"....because the sites I follow indicate that they are overbought here.....almost (but not quite) to the levels of March 2000....so what are you looking at (to say we are not overbought here?) The comment was to a certain extent tongue in cheek, however, the weekly COMPX fast line is only 42.65 (slow line is less than 20)...Not even half way. The daily, while the reading is at 98...we are revisiting oversold territory and appear only on the third leg...which suggests to me that we may have two shots at 2250 before the stochastic runs out of gas. Furthermore, the stochastic can be correcting for a while while the NAZ moves higher. My point is that, until the daily breaks below the slow line currently around 80, the stochastic isn't through. No way we are at the overbought levels of March 2000 on the weekly. The weekly fast line remained above 50 from October 98 thru end of March 2000 (with the exception of one quick plunge in July 99) and the slow line remained above 70 the entire period. I couldn't agree with you more about the rest. That was my point in the original message. Unfortunately, it isn't up to me. I try to figure out where it is going and react accordingly. That is a lot healthier than standing in the way of a speeding locomotive.