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

To: dennis michael patterson who wrote (8203)	5/30/2001 2:14:28 PM
From: James Strauss	Read Replies (1) \| Respond to of 52237

What you do not explain is why you think each of the levels of support WILL fail. As far as I know, there is no way to tell that in advance. If possible, please explain how you can predict support failure. My understanding is that all you can do is to look and see if support holds. If it does, you have a bottom. If not, you then look to the next level for a bottom. In fact, on your theory, 1600 has no reason to hold. As you state, if it does hold, that will be a double bottom. But that is a grammatical point only Good questions Dennis: A look at the one year chart of the Nasdaq shows the long term downtrend of the price peaks... bigcharts.com The mini doubletop failure at the trendline in February brought on the next round of lows... A break below the 2057 recent low leaves little support until the 1600 area... bigcharts.com Couple that with growing doubts about a second half of 2000 tech recovery, and you have the psychological climate for a true double bottom capitulation selloff... Is there a guarantee that it will happen?? No!! But the pieces of the technical and psychological puzzle point in that direction... My fund money is on the sidelines until the picture changes... Jim