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

To: John Pitera who wrote (31167)	3/1/2002 2:46:33 PM
From: TechTrader42	Read Replies (2) \| Respond to of 52237

If things continue, there'll be a nice doji star on the chart at the end of the day -- yet another reason to short it. But as I said, the stock is going wherever it wants to go, regardless of indicators based on past price action. Still, on the basis of indicators, it looks like a short to me, around the price level I gave yesterday, and so far, so good. My cover targets for swing or position traders would be 59.38 or so, or maybe even 56.25. Longer term, it could even head back to 50. For day-traders, my short target would have been just beneath the upper resistance line, and that's where it went earlier today, and my cover target would have been a little over a point below, cuz that meant money in the pocket -- something not easily accomplished in a volatile market. There have been periods in the market where it is better to let the momentum slow down, as you say. For example, with stochastics, one could wait for it to fall back under 80 or 70. In this volatile market, waiting for such sell signals might not be as profitable -- or even very profitable, since the swings up and down can be fast & furious. By the time the official sell signal kicks in, the move down could be significant, and maybe even nearly over. But who can say what SII is going to do? Every case is different. I can say that I wouldn't recommend SII as a buy at this point. No way. That doesn't mean I think it's impossible for it to go up. There's always a chance it could go to 68.75. But I think the odds favor a pullback. What odds? TA odds. What good are TA odds? Not very, since it's a lot of hocus-pocus in the hands of gamblers.