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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: TheBusDriver who wrote (15215)	7/5/2002 10:06:57 AM
From: Frank Pembleton	Read Replies (2) \| Respond to of 36161

Wayne... you're probably missing that the BTK is on a tear at the moment - my healthcare watchlist is on fire - so if DMX is down it's probably because it's already had its turn at bat. You should of seen how hard stocks like RIM, BRT and even Nortel have been moving - bear market bounce? Regards, Frank P.

To: TheBusDriver who wrote (15215)	7/5/2002 7:30:51 PM
From: Little Joe	Read Replies (2) \| Respond to of 36161

Wayne: The reasons I think the chart is suspect are as follows: 1. There is no discernable pattern at the most recent bottom. I would expect to see a key reversal or an island gap reversal or a base of some sort to support a rally. 2. The stock is into a big resistance area, which will have to be cleared before a bullish position can be taken. 3. It is unlikely that the stock will clear the resistance area soon because both the stocahastic and the %R over overbought or over extended. I have found that stocks in this condition can seldom clear over head resistance and if they do they often result in a false breakout. 4. The most recent 2 days action shown on the chart look like a small key reversal indicating the sharp move up has ended. 5. The move is very similar to the earlier sharp upmove which failed. I have often found that stocks that have similar patterns in the past often repeat the pattern. Hope this helps. Little joe