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

To: Johnny Canuck who wrote (40185)	9/3/2003 2:31:45 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69307

COMPX generated a sell signal on the intra-day chart. Daily COMPX is also overbought. McClellan Oscillator is at 138, an overbought signal. T2110 has broken a strong resistance level. If we can get a follow through day tomorrow, the current trend will run for a few weeks. Be carefull though the first few days after labour days is usually a head fake. Wait for the first economic date to come in on Friday. T2113 also broke it range and indicates the potential start of a intermediate bullish trend also. Today is day 1 of the current trend. Despite the intra-day sell signal, I would wait for the confirmation day tomorrow before taking a short term trading position. Technical, we were waiting for a break of the intermediate top. The COMPX did only a 0.318 re-tracement before breaking to a new high. This indicates a strong market. Remember this is all in anticipation of a strong 2H. Unless we start to get confirmation as earning rol in stocks will sell off fast and furious. Keep it light and do not chase. We have seen the laggards I liked such as PXLW, UMC all move significantly finally. The question now become who is left. We need to see some rotation now to keep the rally going.