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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: dennis michael patterson who wrote (15630)	9/17/1998 12:25:00 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 42787

Dennis, Pretty much every P&F person would not only not be surprised by a move to 7600, but would expect it. If you follow the thread you will see that we see a trading range of about 450pts on the DJIA, but with higher highs and higher lows. The main indicator, the NYSE Bullish Percent, turned negative when the DJIA was at 9000, it took another 2 months for the market to fall apart. So the P&F folks are saying that we have likely seen the bottom and should see a general trend upward. As a general guideline, I won't go long on a stock until we hit support when the DJIA is at 7600. Tom What do you think of those P&F folks and their claims of bullishness?

To: dennis michael patterson who wrote (15630)	9/17/1998 4:20:00 PM
From: Electric	Read Replies (1) \| Respond to of 42787

dennis, Great call on how the market would act... I went to sleep, since I stayed up all night observing the market etc.. We ended almost right where we started.. As for puts, I am not going to get into any for a while, they are way too pricy, I dont want to spend 17 for the OEX (That is what it would have cost to get the Oct 495 yesterday), So instead I will start looking for entry on longer calls for stocks I like. DELL held up well today, it is MSFT that got clobbered, since it had run up 8 points in a few short days. I also think this slump might be slower and longer than in the past, notice how earnings warnings and layoffs are creeping into the scene. This will make a downturn go for a long time. I dont think this Q's earnings are going to be so hot. The only thing to save the market from this trading range is that rate cut and other markets repairing their damage. Finally, I do think this is a trading range market. If the market gets to the 74-76 area, people will see there are values out there that cannot be passed by and scoop up the financials, the telecoms, the techs, the airlines etc. And the top limit is likely to be 8100 as Don Sew pointed out. If we all have the game plan before the game, then we ought to be making money up or down, right? gotta scoot..