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

To: Tiley who wrote (17184)	7/19/1998 3:57:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 69822

Manish, I am actually more concerned about LHSPF than I am about SAVLY. Interesting weekend observation: SAVLY, LHSPF, and CHKPF are all foreign companies! I wonder why I played all of these within a short time period. Let me first make a comment about last week because I think it is important. Last week's surge re-confirms the pattern that I've mentioned a few times in the past. I remember answering Space Cadet's question last month whether MSFT will be ~110 by July's options expiry week and his fear of INTC destroying the party. My answer was that no problemo, it will be a good week for stocks, & don't worry about INTC. One particular reason that I said that was because anytime that market reverses direction to the upside, the following month turns out to be a good week for stocks. I've mentioned this before and I keep noticing it over & over. This pattern is valid when the reversal is to the upside. A downward reversal doesn't necessarily mean that the following option's expiry week will be a "horrible" week for stocks but it is usually not a good week for stocks. >>>How long do you suspect the Naz run would continue. I've already answered this question unless your question is when NAZ will close down since it has been up eight straight sessions. My answer is this coming week, perhaps Wed. You saw the reaction to MSFT & SUNW on Friday. NAZ is saturated with good news at this point and even if good earnings report continue(which it should based on watered-down estimates), there will be a day this coming week(perhaps on Wed) that people start taking profit into good news. >>>Any guesses on next week? There were only a few important earnings reported last week. This coming week is more crucial for stocks. Tech stocks have been leaders for weeks but financial stocks have also perked up sharply. BKX was at a new high on Friday morning. Many BKX stocks report this week. I usually look into BKX to tell me where DOW is going and both seem to be in a holding pattern to set new highs if earnings come in. Also, Many Telecom/SW/Wireless/Networking/Semis/Nets report this coming week. Good earnings will re-fuel this market for weeks ahead. However, there will be short-term profit taking this coming week, IMO. That said, I think there should be more attention paid to individual stocks than indices this week as this run in large-cap tech stocks will decelerate. If you twist my arm, I'll say I am watching 1200 in S&P, 9500 in DOW, and 2050 in NAZ. Clint