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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (35162)	11/15/2001 3:46:34 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70561

Nov 4,2001 Commentary Gap open on COMPX to 1922. Sell off to 1875 after initial gap off. Sell off from opening bell thereafter. COMPX consolidated below yesterday's close most of the day. 8:30 AM counter rally was weak/ The afternoon rally around 11:00AM EST reversed the sell off to close flat. The sell off of the opening gap was to be expected. The consolidation below yesterday's most the day was not. The rally at the end of the day is according to pattern. On the daily chart we are close to generating a sell signal, but have not trigger it yet. Intra-day, after the negation of the sell signal yesterday, I have not received a buy or sell signal. It could still break either way at this point, but the over bought condition of the daily chart and the consolidation pattern the last 2 days indicates the direction should be down. I expect any sell off to be shallow in nature as it would take extreme news to trigger a strong way of selling after the current advance. Watch 1845 level on COMPX.