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

To: TechTrader42 who wrote (12637)	7/24/2001 10:31:06 PM
From: pressboxjr	Respond to of 52237

watch the volume

To: TechTrader42 who wrote (12637)	7/24/2001 10:56:04 PM
From: donald sew	Read Replies (3) \| Respond to of 52237

JULY 24 INDEX UPDATE ------------------------------ Short-term technical readings: DOW - INTRADAY CLASS 2 BUY SPX - INTRADAY CLASS 2 BUY OEX - INTRADAY CLASS 2 BUY NAZ - INTRADAY CLASS 1 BUY NDX - BORDERLINE INTRADAY CLASS 1 BUY USD - VIX - INTRADAY CLASS 2 SELL NAZ NEW HIGHs-LOWs = -69 5 DAY TRIN - 7.34 If the market continues down, Iwould get CLASS 1 BUY signals across the board. I did get INTRADAY CLASS BUY signals, but as mentioned often, an INTRADAY SIGNAL is not as reliable as a CLOSING SIGNAL. The overall market did rally a little to close off of the intraday lows, so there is a possibility that a short-term rally may have started today, but Im more inclined that the overall market may head a little lower before it starts its short-term rally. So if the market is up tomorrow that could just be a 1-2 day affair before selling resumes, so a CLASS 1 BUY SIGNALs can ring. Here are some negatives which developed today: 1) NDX - established a slight LOWER LOW on both intraday and closing basis 2) NAZ - established a slight LOWER LOW on only a closing basis, not on intraday basis 2) SPX - established a slight LOWER LOW on both intraday and closing basis 3) OEX - established a slight LOWER LOW on both intraday and closing basis 4) RUT - established a slight LOWER LOW on only a closing basis, now on intraday basis 5) NAZ NEW HIGHs-LOWs closed at negative 69. Yesterday it closed slightly positive, but in one day it reversed to where the NEW LOWs almost doubled the number of NEW HIGHS. I consider that a significant change in such a short period of time. If the NEW HIGHs-LOWs continue to decline that would add to the negativity. Im not predicting, but if the DOW/SPX/OEX sells off again tomorrow, similar to today - OH-OH, could be "3-BLACK CROWS" which has been an extremely reliable candlestic indicator for quite some time. In my personal mutual fund account I closed about 75% of my short position, and the remaining position is strickly short - no hedge. My cash position is now 97%. I would not consider myself overly bearish nor bullish, especially with such a high cash position - still basicly with mixed views for the short/mid-term. In light of the above, it appears that negativity is increasing some, but Im not saying crash. Im more inclined to say that with this increased negativity, the forthcoming rally may not be that strong and should not set a HIGHER HIGH, but should still be tradeable.