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

To: Lee Lichterman III who wrote (12471)	7/23/2001 7:01:35 PM
From: Paul Shread	Respond to of 52237

AXP, IBM and MCD were up by 15-25 cents. Sure was broad-based, but volume was really light, under 1 bill on the NYSE, I believe. A low-volume retest, or will selling pick up? Charts look ugly, but where's the follow-through? SOX down 3%, so should get more down.

To: Lee Lichterman III who wrote (12471)	7/23/2001 7:33:01 PM
From: donald sew	Read Replies (4) \| Respond to of 52237

JULY 23 INDEX UPDATE -------------------------- Short-term technical readings: DOW - oversold region/borderline CLASS 2 BUY SPX - oversold region/borderline CLASS 2 BUY OEX - oversold region/borderline CLASS 2 BUY NAZ - CLASS 2 buy NDX - CLASS 2 BUY VIX - upper midrange/borderline oversold region NAZ NET NEW HIGHs-LOWs - +18 If the market continues down I would get a CLASS 1 BUY tomorrow in the NAZ/NDX and CLASS 1's in the SPX/OEX/DOW around WED/THUR. As negative as things appear, the market internals were not bad. The NAZ NET NEW HIGHs-LOWs closed at +18, which is basicly flat from FRIDAY. As mentioned previously, if that continues, that would be somewhat bullish, at least for the short-term. Since the NAZ/NDX is only a day away from a CLASS 1 BUY signals, Im suspecting that the previous lows at 1600 either has a chance of holding or only broken to the downside slightly, for this specific short-term downswing. On the bearish side, the DOW/SPX/OEX is still 2-3 days away from a CLASS 1 BUY, so hypothetically if the DOW/SPX/OEX continues straight down, that could pull the NAZ/NDX down even more. MSFT has an ISLAND REVERSAL. As discussed a while ago, Lee bringing up the issue, MSFT represents about 11% of the NAZ/NDX. If MSFT continues down that could put a real hurtin on the NAZ/NDX. So, for the short-term, I have mixed signals/fellings about the NAZ/NDX. Regardless of the less bearish or more bearish arguements, I will simply stick to my short-term technicals. If I get a CLASS 1 BUY signal tomorrow, especially if it is a closing signal, I will at least close my short positions with the USPIX(short-NDX) or hedge them.