Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Gersh Avery who wrote (18147)	9/8/2001 5:10:53 PM
From: stomper	Read Replies (1) \| Respond to of 52237

Was 938 the number on the lower tine? TIA. -dave

To: Gersh Avery who wrote (18147)	9/8/2001 9:02:17 PM
From: Trading Machine	Read Replies (3) \| Respond to of 52237

Gulp, OEX 543 is where I have the next line, but we been through so many of them I'm counting on my oversold and stochastics stuff. Thursday I closed with a buy across the board. I can't get as specific as Don does but my indicators say that the market should head up within two days. The bad part of this is that we could go down a thousand points during those two days. So what I wind up counting on is that if I go in and it continues to drop, it will come back up and let me out on the bounce. No harm, no foul. BUT, and it's a big but, you've got to recognize resistance on the way back up and take the opportunity when it presents itself. I hate to say this but from all my indications we are real close to a bottom if we are not there already. What I expect to happen is a fairly dramatic turn around and a run back up to OEX 602, which is the 38% retracement value from here. Now that number could change Monday if we sell off some more, but if you remember 598/602 was tremendous support on the way down and it acted the same way back in April/May. Going on the information from Don's study, this leg down has exceeded 7%, and therefore we can expect to revisit this area (setting a second local bottom when the drop is more than 7%) and perhaps a little lower before recovering all the way. I don't know what the catalyst is going to be, but I never do and it always surprises me! So I am keeping my fingers and toes crossed because I am 100% long and have Berney and RugRat keeping me company. I am already $2 down on Magellan, but I figure I could be doing a lot worse. (maybe?) ggggg Magellan is down 18% YTD and I'm up 8% at the close Friday - However, Monday could change all that around. ggggg But what do I know? I know the water's getting deeper in the bilges and I now believe that a market crash is possible. I don't think it is likely but with the strangness of all the things going on on the way down here..... Two years ago when we were trading in the 450-550 area I thought we could crash then also, but things miraculously turned around. Then I didn't know any better! gggg Good Luck next week, Paul K.