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

To: Logain Ablar who wrote (40027)	8/7/2003 12:24:29 PM
From: Johnny Canuck	Respond to of 69996

It is really hard to tell, but I would think it is going to be hard to break to a new high above 1770 on the compx till after we see more visibile with the Oct earnings reports. Everyone is still looking for the second half re-bound in the economy. You will see some traders take early position in stock that will benefit from the Christmas seasonality like RFMD, LEXR and SNDK but is hard to believe anyone will be buying with both fists at this point in time. Right now I am still getting a mixed picture. My impression is that end user demand has found an equilibrium level, but there is still an over capacity in overall manufacturing capacity in many industries. As a result selected strong companies are seeing a stablization in demand while smaller players are still seeing declining sales. That said expect lot of volatility in both directions. Expecting a bounce today or tomorrow. COMPX at the lower 20 day BB. Just below the 50 day EMA at 1659. Third day of current sell off coming up. Would want to see COMPX above 1684 again before taking any position except to day trade.