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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: velociraptor_ who wrote (9002)	8/3/2001 9:28:34 PM
From: Davy Crockett	Read Replies (1) \| Respond to of 209892

Forgive my ignorance... but, what does it mean? I know it's summer... but r we witnessing a buyers strike? Too many people (like me) just sitting on the sidelines & sipping Tequila's & watching...? Luv your site btw, it is a good one... I try to catch it every morning... Regards, Peter

To: velociraptor_ who wrote (9002)	8/5/2001 10:39:29 AM
From: UnBelievable	Respond to of 209892

I'm Inclined To Think That There Has Not Been A Breakout Nor has their been a failure. A breakout needs to be strong, with good volume, and such that it does not leave us discussing where exactly the line should be drawn. A failure would be somewhat similar, though I expect that an effort will be made to ensure that it is less apparent. Even taking into account the hollow nature of this prior week it must be considered a fairly strong rally to resistance. I would expect some mild retreat and consolidation over the few days with SPX ranging between 1200 and 1225 and NDX between 1690 and 1760. I would want to see the stick high from 7/13 on NDX of 1782.5 (after the gap up on 7/12) taken out with vigor before trading in my claws for horns. Right now I think that the Bulls need to respect the 50 SMA which clearly seems to be holding SPX, COMPX, and NDX at bay, and looms dead ahead for INDU and NYX. It appears to me that SOX broke down from a rising wedge on Friday, but we probably will have to wait a couple of days to see how this resolves since a rally back to the point of breakdown (Or TL of breakdown) would be expected. INDU is sitting just below the 200 SMA which is at 10,591 and the 50 SMA which is at 10,628. While I might be inclined to say that we can not expect leadership on a breakout to come from INDU, I have faded this index so many times and been wrong that I am just going to wait and see. I am inclined to think that a breakdown is more likely than a breakout but have no idea when it might occur. Being summer its possible that we could have a lot of Jello. Not really what any of us would prefer but quite possible. Also, keep in mind that if I really knew what I was doing I would be much wealthier now and be out in the Hamptons instead of in a dark room watching endless hours of meaningless gyrations on too many screens.