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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 (17452)	11/5/1998 11:05:00 PM
From: Lee Lichterman III	Respond to of 42787

I missed Don's post. Was it on TSO, futures or BK thread? >EDIT< Just read it and I agree fully (basically wait and see) Was just checking my indicators and noticing that this market is pretty srong so far. Some of the indicators that run ahead of the others have been retreating yet the actual stock prices are only dropping small amounts or trading sideways. ATI just finished a partial drop and gained it all back in one day. I don't think we want to be short right now even if the market weakens unless our target is extremely well picked and timed. Heck, IBM gave back 34 timing points and is already primed to push up again from a mid range reading in the 54 (reading from my wave generator)area. I read somewhere here tonight that the 13th is supposed to be a Fibonici (sp) turning point. Could we continue up then drop hard the last week before expiration? Or do we drop now and then rally into expiry? I liked the straight down and the easy up markets allot better <g>. Seriously though, one other thing that has been bothering me is we have not paused during this rally so far. Because of this, there is no support on the way down. If we do turn downward, it could fall very far, very fast. Forunes could be made and lost in a very short period of time. Still haven't looked at that airline yet. >EDIT< Just took a quick look. Daily looks over bought with stochastic toped and turning down and money flow moving out. However the weekly shows it could still gain a few more points before it is in the safer short area. Last few gains on the weekly are on decreasing volume so you are correct in saying it is topping and getting weak. Question is how long before it does pullback and how much will it withdraw. I was watching UAL a little today and it went from down over a point to a positive close quickly. Lee