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Strategies & Market Trends : Candlestick Charting--The unknown indicator -- Ignore unavailable to you. Want to Upgrade?

To: Sherman Chen who wrote (1044)	12/30/1997 10:49:00 PM
From: ftth	Read Replies (1) \| Respond to of 1589

Sherman: I wouldn't touch it. The stock is near its lows and had a 1 day bounce today (it can't go down forever). Today's engulfing body is a bullish sign in isolation, but that doesn't qualify it as a turnaround by a long shot. Need to look at the big picture too. Even if it does manage to rally a LITTLE from here, it has a zillion points of overhead resistance to break through on its way back to new highs. There are much better places to put your money to work. I see you're looking at QCOM. That would be a much stronger location for your cash. I will be watching QCOM as well, to see how it behaves once the market gives me reason to look for longs. I don't know your trading methods or time horizon for CRUS, so these comments assume that you were looking for more that a day (or two) trade. Also, I'm not much of a bottom fisher, nor do I look at low priced stocks (they're usually low for a reason, and if they really have something worthwhile, they'll still be attractive at $20, $40, $60, etc)so my comments are biased against these types of positions regardless of the candles. Hope this helped. dh