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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: Ditchdigger who wrote (5757)	6/8/1998 9:09:00 PM
From: LTK007	Respond to of 29382

Market TA stuff --------------------------------------------------------- Monday June 08, 1998 (09:00 am EST) Consolidation/Correction Continues Mark D. Arbeter, S&P Chief Technical Analyst NEW YORK, Jun. 08 (Standard & Poor's) - It is still too early to tell whether the worst of the correction is over. There have been some positive signs but we believe further basing action is needed, especially for the NASDAQ, before a major move higher will be seen. The NASDAQ made an important stand near the 1750 area but the bounce so far has been anemic. This level is critical as it represented the previous intermediate term top posted back in October. This level also represented an important retracement of 38% of the move from January to April. Support is often seen at this Fibonacci Retracement level. Other Fibonacci levels (rounded off) include 24%, 50% and 62%. However, after this great of a drop (9.1%) from closing high to closing low, the index will need to work sideways for at least a month, possibly retesting the 1750 area before a new, sustained move can resume. One worrisome development about some of the major technology components of the NASDAQ is that there is a possibility that some stocks are putting in bearish head-and- shoulder formations. Some individual issues have traced out the left shoulder and head, but have yet to complete the right shoulder, and then break the neckline. If these leading tech stocks do complete this formation, the whole group would be in for a nasty tumble, which could pull the entire market lower. While the NASDAQ has broken down, the S&P 500 has held up fairly well. The index put in a double bottom at the 1085 level and remains rangebound between that level and the old high at 1130. Trendline resistance is seen in the 1108 area with chart resistance at 1120 and then 1130. The weakness in some market internals has been arrested but mostly those that measure NYSE statistics. NASDAQ internals are mostly negative and the split market we talked about last week continues. Remain on the sidelines until the market tells us otherwise.

To: Ditchdigger who wrote (5757)	6/8/1998 9:14:00 PM
From: Pilot	Read Replies (1) \| Respond to of 29382

DD - CADE? I've had this one on the "watch list", owned it before(last year), still own some and bought today. Some of the TA from the CBS site, short term looks encouraging, 90 day chart. Momentum is moving up, Money Flow is moving up(slight, but up), crossing stochastics below 20, the Linear Regression has the price on the lower channel line(reversal?) and yes it is below a short term MA of 26, even the candle sticks seem to indicate a reversal, which is overdue. Any thoughts from the "Amigo Gang"??