Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: StockOperator who wrote (31969)	3/11/2002 8:50:18 AM
From: Jerry Olson	Read Replies (1) \| Respond to of 52237

SO hi...SPX breaks out of a sever down trend line from the Dec 2000 top... rthe SOX is on a big breakout here..and other index will follow...weeklys look great on all indexs... here's the weekly SPX...1180 is the next breakout number on P&F... buyitbuyitsellitsellit.com

To: StockOperator who wrote (31969)	3/11/2002 8:57:21 AM
From: StockOperator	Respond to of 52237

Here are a couple of other things to watch this week. As I said earlier I am going to let the market prove to me that it's going to breakout from here. Besides the stocks I pointed out yesterday, keep an eye on VRTS and NOK this week. Both have conference calls. According to my read on the charts both of these stocks are brushing right into their all important resistance levels. Watch how they handle these levels. Remember, any breakout (or failure) in the indices has to come on the backs of bullish individual chart patterns. Good trading. SO

To: StockOperator who wrote (31969)	3/11/2002 9:53:47 AM
From: Terry Whitman	Read Replies (1) \| Respond to of 52237

>> don't know how you got that out of my post. Where am I looking for excuses< SO, No offense intended, but that's the way it appeared to me when I read it- you are still looking for more proof. By the time all the doubts are answered and all the proofs have been proven, you will have missed most of the opportunity. Nothing risked, nothing gained, in other words.. I think the market has already presented a ton of proof in the past 6 months. I said in September that it was likely a major bottom, and I have seen nothing since then that has changed my mind- in fact, all the technical indications have just strengthened my original conclusions. Unless the Dow breakout fails, we are on course, IMO. Holding all longs. You have some valid points there- it just seems to me that every single bullish confirmation will not occur, and hence you may be left on the sidelines waiting for more proof. To compare- It's like looking at the birthmark on Julia Roberts face and saying she's not worth going out with. <g> >I am going to approach this time frame from a couple of different angles. First of all if this move is going to prove to be the real deal I want to let prices do exactly that. Prove it by taking out the immediate resistance on the major indices. For the DOW that level was roughly Friday's close. The S&P at roughly 1200 and the Compx at roughly 2100. Prices would have to trade above all of those levels which would be huge and would carry me to my next levels of resistance. But first things first. My second approach and probably the most important one is reading how the individual charts are forming. I think it only makes sense to say that IF(!) these indices are going to break out from here, they are going to have to do so on the backs of bullish individual chart patterns. Companies like INTC, MSFT, GM, DELL and so on.... are going to have to likewise be bullish and breakout from here. Therefore, any bearish price patterns or breakdowns in the big guys could indeed be our first big clue that the indices won't have the muscle to push through. Because this rally has been so strong and brief it's too early to see the cracks in the dam. But I do have a couple of observations to point out. Look at the trading in INTU this past week. With all the positive price action of the past 10 days and INTU ready to blast out of it's trading pattern, prices turned on a dime and quickly lost ground. The environment for a breakout could not have been better this week but yet prices couldn't muster the move. Also, keep an eye on RATL, AOL and EMLX this week. I thought the close on Friday, respectively painted a weak picture for the week overall.< After a breakout, we often see the price go back and retest the breakout point. Sometimes it doesn't- it just keeps going up. That would be my picture for the weak, I mean week. <g> And there's always the possibility that the breakout was a fakeout, and we return to the previous range- but I'm not giving that a very high probability due to my phase read. Regards, TW