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

To: Zeev Hed who wrote (16679)	5/27/2001 2:20:20 PM
From: Richard Wang	Read Replies (1) \| Respond to of 30051

I think I am saying the same things Larry is saying. Larry's bullish chart is similar to the one I am looking at--a short term uptrend. Sure it's only two months old, but we are calling it what it is, a short term trend. if it gets much longer, it's going to start to get to an intermediate term trend. When we are in an uptrend, enjoy it until it hits resistance, and it's not in any danger of hitting resistance soon. Sure sooner or later it's going to reverse, but there is no sign of reversal sooner. Stock prices leading the economy is well established. The economy is likely to improve, Greenspan is insisting on seeing that happen. Stock prices are already in the lead, to an economic upturn. Turning NASD back to test the recent low is unlikely. I am not going to argue whether B2B absolutely leads tech stocks. Let's say they bottom close to each other. B2B could turn even lower, but tech inventory situations are getting better, and there is no imminent great oversupply on the horizon (I hope I am not wrong!). B2B should soon get better, and take stock prices with it. I don't trade stocks so much like you folks do. In fact I admire your nimbleness, which I lack. But I would hesitate to wait for another down turn to test the recent NASD low, because it may never come. If you check Larry's chart, the most obvious resistance is around 2900, and I think we are heading there soon. There just is not much to overcome in between current level and 2900.