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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 (12636)	7/24/2001 11:22:16 PM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 52237

Yep, I have a bit more faith in that 1900 NASDAQ support though. I just got back but was running a few charts and cleaning up a few lines. When I got to the NASDAQ chart, I noticed a new fork that jumped out at me. Take teh low of 21 Dec or Jan 3rd ( doesn't matter) and start your mid tine there, then take the top of 24 Jan or 31 Jan ( again, doesn't matter as your line should hit both these nicely if you are in Semi log) for the top tine, then take the 4 April low for your bottom tine. The mid tine intersects right around 1900 for the next few days. It puts a ceiling in around 2350 and if we ever do break the 4 April low, it has the floor around 1450 but I am not really looking for a washout though quite yet and still think we need to have one big push up to sucker in some more money. Volume is pitiful and everyone is just sitting on their hands. A couple weeks ago, they baited in a few that were chomping to get long and even I was starting to look up though I didn't buy it but just decreased my shorts. A good push through that longer term resistance line will get the last few dollars out of people's hands as they proclaim the bear over and then they can pull the plug. I am seeing too much carnaige now in some of the key stocks I watch hinting that despite what they say, some of the big money is pulling out and they are finally getting out of DOW stocks. Of course two days after expiration, my MMM starting dropping hard since I am no longer short. -ggg- GE isn't looking healthy, the bond is being chased again and looks like September/October of 2000, my mid term cycles are no where near over sold ( although my weeklies are getting there quick). The dollar is weakening, the SPX and OEX are threatening to drop below a 62% fib retracement level that says this isn't a corrective wave of the bounce from April but something much bigger. The NYSE chart is moving into the bottom half of my fork which has bearish over tones if it stays there. In the DOW GM, DD, T, KO, IP and AA all are cracking. There is no leadership in oil anymore now that prices seem set. Retail has about peaked IMO so kiss HD and WMT goodbye as the resistance lines held on WMT once again Friday so unless it does a head fake down and then breaks out. Now all that bearish stuf said, BRK.A has a short term over sold and the mid term cycle doesn't look too bad either. My weekly tech stuff has a lot of over solds, class ones and class 2s on them and my Weekly DOW stuff is mixed about 40% bullish. Therefore I don't expect a major flush here and as I said, I expect some sort of a good bounce to get the bulls frothed up again. What teh heck the spark could be I have no idea as most of the stocks with potential have already reported. CPQ is tomorrow but who is going to believe anything they say when GTW and MSFT showed there is no growth there. DELL will try to repeat the story but again, will anyone believe them? QCOM has the best chance Thursday as we all know it is smoke and mirrors but the bulls SOOOO want to believe. The COO quitting is always a good sign right? -ggg- I am looking for a pop up soon then a flush in August most likely, maybe longer out if they can really try to get this going but I doubt it. Dennis, welcome back. I always am out of stuff to say by the time I read your posts to me. I am not ignoring you on purpose! Good Luck, Lee