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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (37642)	7/16/2002 3:43:13 AM
From: Johnny Canuck	Read Replies (2) \| Respond to of 68173

McClellan oscillator reached -144 today. Number of stock one STD below their 200 SMA is 44 percent. This is the reading I have been waiting for. A potential bottom is forming. Note that the COMPX is still below the trend line extending back from the high in May. We are not out of the woods yet. The COMPX needs a follow through day. The percentage of stock below their 200 SMA needs to form a base in the 44 percent area also. Another cautious note I did not get a buy signal intra-day today. If one goes long keep positions small and keep tight stops. We have a long way to go if a bottom is forming. Also note that the down trend will not be broken till the COMPX crosses 1500. The fundamentals are still not suggesting a break of the bear market yet. We are setting up for a potentially strong bear market rally though.