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

To: Terry Whitman who wrote (28715)	1/29/2002 4:45:43 PM
From: Paul Shread	Read Replies (4) \| Respond to of 52237

Just simple measured moves off today's breakdowns. 600 point trading range on the Dow, broken at 9700, gives a target of about 9100. Bear flag breakdown at 9850, with a 600-point pole, gives a 9250 target. Measured bear move from 9900 secondary peak gives a target of 8900-9300 (1 x 600 or 1.618 x 600). IBM and MSFT have said expect nothing until 2003. The market has just begun to price that in. Add in the likelihood that everyone is suddenly rechecking their books and you've got a real problem here. Not to mention all-time high valuations. A TRIN close above 3 might get my attention. How are the 5 and 10-day readings? I don't rule out a bounce soon, but we just broke down out of a three-month trading range. That's not going to end in a day.