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

To: PuddleGlum who wrote (46643)	8/21/2003 10:51:51 PM
From: orkrious	Read Replies (1) \| Respond to of 57110

Maybe it's time to play catch up? for who? techs down or drugs up?

To: PuddleGlum who wrote (46643)	8/21/2003 10:52:12 PM
From: Lazarus_Long	Respond to of 57110

Comments? Message 19232850

To: PuddleGlum who wrote (46643)	8/21/2003 11:39:20 PM
From: Tom Swift	Read Replies (1) \| Respond to of 57110

I have to admit I can't read a P&F chart. Could you explain it a little, I read the tutorial at StockCharts.com but need more information. I am working on a system that uses candlesticks, resistance levels, moving averages and oscillators. mostly from Nison's book. I was looking at PFE today while it was dropping and I think it is still too early. 1. "Safe" stocks are in a well-established downtrend while the old tech-bubble favorites are climbing, some at ridiculous rates. 2. The candles on PFE are not signaling a change. Today was not a true hammer, yesterday had a shaved bottom. 3. The next six-month resistance is at 29.20 which is a strong triple and then 28.60 which is a weak single. The drop today did not go far enough to touch 29.20 so that level is still a magnet. 4. The (30-min) lower bollie on the 15 minute chart is at 29.14 right now while the (30-min) EMA is at 29.89. If PFE stays in a down-channel on the fast chart, the price needs to touch both lines. Tomorrow the price should gap to one or the other of these lines and it should move between them as they adjust to todays gap down. 5. The rhythm is about right for a change in trend in the next few days and I would expect it to be the formation of a congestion zone somewhere between 29.80 and 28.20. There is a strong triple at 31 just above the top of the gap, but it is too far away to act as a magnet and the trend is down. 6. Extrapolating forward, after Labor Day, the rhythm will again be ready for a change and it seems reasonable to expect a flight to quality around that time. Of course, I could be completely wrong, but I am going to watch and wait on this one and try for a good buy in a few days or weeks.