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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: AugustWest who wrote (11572)	11/6/2002 4:44:29 PM
From: paulj	Read Replies (1) \| Respond to of 57110

yea, and it's down so far it can't get any worse - right?

To: AugustWest who wrote (11572)	11/6/2002 11:49:03 PM
From: PuddleGlum	Read Replies (1) \| Respond to of 57110

Auggie- In response to one of your earlier questions, here's what I'm looking for in terms of a pullback: $OTC on Sept. 5 had a low of around 1250, which represents a 50% retracement from current levels. This is approximately the level at which the recent rising flag formation started. We are currently right at the August high, so a decline here would be textbook perfect on $OTC. So, I would be willing to throw a good chunk of cash at the market at or above those levels without waiting for consolidation, since there are good reasons to expect support at 1250. The problem is that many of the other indices and holders look unwilling to give up 50%. $SOX is flatlined on one of my indicators (which is similar to a slow stochastic), and this characteristic is unbecoming of anything that’s ready to fall on its face. I do, however, find much to dislike about the banking sector. $BKX and RKH are extended, and see this for a high pole warning on BKX: stockcharts.com[PA][DA][F!3!!]&pref=G