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

To: Paul Shread who wrote (11829)	7/17/2001 6:01:32 AM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 52237

Yep, I read that a week or so ago. It may take some time to kill the mania. Note I bookmarked the "we'll never see NDX 1100" post too for later this year. -ggg- By my charts and historical valuations, we might be lucky if we stay that high. -NG- Earnings tomorrow - JNJ, IP, GM ( gravestone doji at resistance), BGEN, INTC, CAT, AAPL, Some more Banks like ONE, WFC etc. Should be interesting. Don and I had a good chat and the biggest thing out of it was the weakness of the SOX and the BTK. So much for my hopes of higher levels to short. With those two weak, it will be hard to put together a rally. I have sell signals on almost every tech stock although not on the indexes themselves. The DOW stocks are mixed but with all the dojis on the retailers and over bought signals following their runs up recently, I would give them a look for shorts also. WMT may have printed an evening star. MU, AMAT etc are threatening to take out supports so INTC better say something good tomorrow or cook those books real well. A break down in the SOX could mean 400s easy. It is one of the sectors that has already pulled back some and doesn't have fresh sell signals but it is acting pretty weak thus far and there isn't much good FA news to support a rally here. Not a whole lot on the long side that looks good. The OSX has completely broken down and one has to go to the weekly to try and find support. Some drugs are trying to make a weak come back but mostly it appears that money is fleeing to Bonds and notes now. Most of my indicators are saying down now that the Momentum has been lost to the upside. We had a chance to get through resistance but didn't take it, now it appears we have to go through at least a short term down cycle again. With earnings and economic news this week, there is still a remote chance that an upside surprise could save us but the charts aren't looking real rosy. Our one saving grace is we are in options expiratiuon week with Max pain around current levels to slightly higher so we may get a bounce around Wednesday as the big money closes things out. If we do get a bounce, I will likely sell some calls short then add a few puts. Between the Abbey Joseph Cohen indicator firing off Friday and then Joey Bag-O-Donuts appearing on NBR tonight, it sure looks like down is king. Futures not too bad thus far. We'll see. Good Luck, Lee