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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (4935)	10/22/2001 10:23:40 AM
From: Terry Whitman	Read Replies (1) \| Respond to of 33421

Thanks for posting that JP, and Lee- thanks for the Rogers article- I really like his style. That organization to promote a bull market is pretty funny stuff. It's like a PeeWee football offense trying to blow a hole through the Texas Longhorns defensive front. <g> I often have to remind my pals that the market is a leading indicator for the economy- it doesn't follow the economy. If people would just burn that thought in their heads, they'd trade a whole heckuva lot better. Up until last week, the market was looking alot like the 1998 bottom- only difference being it bottomed a few weeks earlier. This pull back last week, however has set it apart from 1998. Here's a NYSE chart from the '98 bottom period- stockcharts.com[m,a]daclyymy[d19980901,19990101][pb50!b200][vc60][iUb14!La12,26,9] The first stop on the '98 train was between the falling 50 and 200 day ma's. The first stop this time is BELOW both falling ma's. The 2nd stop in 98 was ABOVE the 200 dma, so we definitely have to do some work to achieve that this yr. stockcharts.com RSI is also weaker this time. This is no longer matching up with '98. Doesn't necessarily mean that we have a lower bottom still to come this fall- but it increases the chances. I'm staying at 35% long. A re-test of the lows looks to be increasingly likely here. Regards, TW

To: John Pitera who wrote (4935)	10/25/2001 10:09:34 PM
From: Jon Koplik	Read Replies (1) \| Respond to of 33421

John -- while catching up on about 65 posts on your thread, I hit the one mentioning Qualcomm (from that theStreet.com piece) : <<<For example, check out the action in Qualcomm (QCOM:Nasdaq - news - commentary) from Wednesday and compare it with the action from the day before. Wednesday's open was higher than Tuesday's. Wednesday's high was higher than Tuesday's. Wednesday's low was lower than Tuesday's, and it closed lower than Tuesday's low, at its low of the day. It's too technical, but easy enough to figure that it ain't a good sign.>>> As someone who has been "up to my eyeballs" in Qualcomm for a long time, my reaction upon reading this was : HUH ? If you had followed the seemingly obvious chart signal he pointed out (and sold on that Wednesday's close), you would have had the stock go up 6 days in a row since then, for a total of about $9.00 per share ! Jon.