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

To: Chris who wrote (28860)	1/30/2002 2:15:02 PM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 52237

I was expecting a bounce and then a dump about 45 minutes before the close but the bounce has started early so now I am not sure when the post announcement selling will commence anymore. As I posted in the chat, the put call ratio reached over 1 today so some signs of bearishness starting to appear. I covered my short calls earlier this morning but just went short calls again a little while ago. I am now boxed and awaiting the move after the announcement which should come any minute. Weekly Energy outlook report is out. Not much we don't already know...... tonto.eia.doe.gov While non tech has taken it on the chin, there isn't much sign of capitulation in the NAZ stocks. QCOM announces a lousy report and forward guides lower yet they are still 2 points over where they were before announcing. EMLX, AMAT, INTC, CSCO, BRCD all above where they were a week ago. What fear? I think the bounce in the last hour or so is just shorts covering or boxing in ahead of the FOMC announcement. We will have to wait and see if anyone does any real buying afterwards but I doubt it. AS I said earlier, I expect a VIX reading around 37 and some key stocks dropping much lower before we hit a real bottom. I do have a few over sold readings and am starting to get some class 2 over solds also however. On my weekly charts, some of teh hardest hit stocks like GE are signalling a short term over sold so I suspect there will be some sort of bounce next week judging from past patterns like this. Probably nothing more than a 50% retrace then a rolloever back down. There is the remote chance today was a hammer for a more important turn but we won't know until we see how the post announcement action works out. Good Luck, Lee