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

To: Jerry Olson who wrote (28357)	1/25/2002 11:01:17 AM
From: Michael Watkins	Read Replies (2) \| Respond to of 52237

Hi OJ Great to hear from you! At least we should get something happening today. That "up" January dream of many is going to be impossible to achieve if the recent lows go lower ;) I'm not really bullish per se, I'm just open to the possibility that the market could still save itself. Its a long shot, to be sure. But since my long entry is 50 nasdaq points below where price is now, I can afford to relax and watch things happening. I'm elephant hunting as they say. Everyone and their dog seems to be bearish and fearful, despite what the 'official' investor sentiment numbers seem to indicate. Reminds me a lot of the April 2001 lows... Message 15640348 Wow, even the chart is kicking around still ottographs.com (Hey this SI search feature is great!) Now this is different to be sure - April was not a swing low within a consolidation, but the sentiment feels similar. Lots of angst about direction etc. >> i have told all my people to exit or hedge all longs at the recent top...<< I totally agree with you about exiting longs earlier this month. There was a classic failed test of top, plain as day. It made sense to be a seller then for sure or at least neutral and wait it out. Price then moved down in one long downswing for 9 days without breaking the downswing until yesterday. Top to bottom of the range, one straight line. Unless the world is ending (that was last quarter, no disrespect intended), it seemed to me that it was just as likely that price might not just keel over and drop 200 points here, given how far its come without interruption... ... so the surprise move is up, not down, and if QCOM and IBM are any indication - intraday at this point - it may just turn out that something quite remarkable happens. And if not, no loss on my part and will look for a good spot to be short. Ah if I had only been so ambivalent about direction all the way up the bubble... ;) Best to you and yours, Michael