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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 (18137)	12/1/1998 6:23:00 PM
From: epicure	Respond to of 42787

Bullish engulfing? Not today. That is a tweezer top. (and so its good you sold today) edit- I notice dell got a bullish engulfing though

To: dennis michael patterson who wrote (18137)	12/1/1998 7:19:00 PM
From: dennis michael patterson	Respond to of 42787

Jerry Favors Analysis - Tuesday, December 1, 1998 8 p.m. At the lows today the Dow was down over 128 points. The Dow then bounced all the way back to 9141.27 this afternoon,at which we were up 24.72. We closed up 16.99 at 9133.54.The Nasdaq at the lows was down 25.39 ,the equivalent of a 118 point decline in the Dow. The Nasdaq closed up 54.21,the equivalent of a 253 point closing rally in the Dow. So far the Bradley forecast has been fairly accurate for this time frame. The Bradley called for a high near November 24 plus or minus 2 days and a decline into December 2 plus or minus 2 days. The Dow reached a print high of 9380.20 on November 24 exactly and has since fallen 392 points to a print low of 8987.82 today,December 1. Now the Bradley calls for a low near December 2 plus or minus 2 days so even with today's action we cannot be sure that low was seen today. We cannot rule out another decline to somewhat lower lows over the next day or two. A decline below 8987 on a print basis will signal a sharper decline,at least short term. We also doubt that the next rally phase will be a straight up affair. There will likely be some very weak days in between the low due near December 2 plus or minus 2 days and the next short term high due near December 11 plus or minus 2 days. A close above the 10-Day Moving Average,which by tomorrow should be near 9194,would be a short term positive signal. At this point there will be strong resistance to any rally up near or just above 9300. However from here on any rally above 9458 intraday in the Dow will confirm projections up to 9631 plus or minus 225 points intraday . A rally above 9381 on a print basis in the Dow will signal a test of 9458 intraday. The Dow is going to have some difficulty exceeding that 9458 intraday level. It will not be exceeded easily from here. But if it is exceeded it will signal higher prices into that 9631 plus or minus 225 point intraday area. For Wednesday any decline below 9057 on a print basis in the Dow will suggest some further short term decline,and could lead to a test of 8987.82. We went long today at 8992 on a print basis in the Dow. That was within 4.18 points of the print low for the day. We will keep our stop for now at 8573. Even if the Dow saw its low today it will not be an easy path upwards from here,and we would expect another pullback at some point tomorrow.