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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk -- Ignore unavailable to you. Want to Upgrade?

To: robert b furman who wrote (14662)	4/10/2004 4:06:54 PM
From: Runomo™	Read Replies (1) \| Respond to of 207323

Hi Bob, Yes, what's good for AMAT is also good for da Naz and both look good for a nice romp soon... Very short term, the Naz looks like it's working on the right shoulder of an inverse H&S formation which consists basically of the entire month of March with the island reversal area being the head of that base... stockcharts.com[w,a]declyiay[d20040224,20040410][pc20!c50!d20,2][vc60]&pref=G The April gap just below looks like a second breakaway gap to me since it gapped over the 50 day sma and was a decisive heavy volume breakout of the Naz downtrend...so this area should provide very solid support and could ideally get partly but not necessarily fully filled....Monday and Tuesday are the best days to get that much anticipated pullback, but the H&S formation is complete as it exists today and therefore the Naz may elect to drift lower to sideways without a serious pullback much like it did after it rallied off the island reversal in late March with it's initial breakaway gap...if you look at the hourly charts you'll see we had an initial smaller inverse H&S base with a technical measure of 2050 which had a very small tight right shoulder.... A lot will depend on earnings this week and particularly INTC on Tuesday after the bell....I think the street will like it and reward the stock....we know already the street is rewarding good earnings from the way Yahoo was rewarded with it's excellent earnings ....so Wednesday could be the day we take out the Naz April highs which will also be a breakout of the neckline of the larger Naz inverse H&S and dat would be a very very important breakout...simple technical targets measure to around Naz 2300, and if we can reach 2300 that itself means we have broken out of the much larger Naz basing pattern and that the Naz will likely retrace at least 50% of the entire bear market decline or to around 3100 which btw is where I believe the Naz is headed this year at a minimum imho...cumulative Naz advance/decline volume suggests that this is a very doable technical feat as the naud took out it's 2001 highs last January before an orderly pullback that tested the 2002 highs from above with the latest correction and now it's moving up again in earnest.... stockcharts.com[w,a]daulyyay[d20000410,20040410][pc50][vc60]&pref=G Not unlike you bro, dat's my story and I am sticking with it :) Mo