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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 (19866)	3/10/1999 9:20:00 AM
From: Margaret Mateer	Read Replies (1) \| Respond to of 42787

morning Dennis and thread, I'm buying vrio this am - check out this url and the chart (record volume) - the whole article is worth reading or scroll down to the discussion of vrio moneycentral.msn.com Have a gr8t day, Peggy (D - I emailed u 2)

To: dennis michael patterson who wrote (19866)	3/10/1999 10:26:00 AM
From: Robert Graham	Read Replies (2) \| Respond to of 42787

I hope that those of you who thought the S&P 500 was making a triple top can see now that it was not a triple top. The price action and volume did not support this conclusion. Also the breakout did not validate this as a triple top. The breakout has no follow through at this point. But, at John Murphy has mentioned in one of his market updates, charting does not support quadruple tops. This looks to me more like a trading range on the graph instead of a topping pattern. I suggest to the pattern traders here that paying more attention to price action of the price pattern using volume and possibly even indicators to help validate the price pattern will prove to be helpful instead of simply matching this up to a pattern in a book. For instance, like Joe Ross stated in his "Trading by the Minute" book, that "head and shoulders" pattern you think you see may very well turn out to be a "butt with hips" pattern. The pros love to fade the pattern traders because they are wrong much of the time and then when surprised, they have to reverse positions creating double the activity and an increase in momentum in the direction of the breakout. It is not that the pattern book is wrong, it is the trader who trades that pattern that is wrong much of the time. Judging by this web based intraday chart, right now the DJIA is sitting at the initial low it made the previous day which appears to be an area of congestion that matches up with previous congestions in the previous two days of trading. It is closing in on the end of the first hour of trading. Perhaps the DJIA will retest yesterday's low. At that point, it will be interesting to see what it does. According to Donald Sew, I wonder if this is suppose to be an up or down day. I think another down day, right? The market is once again not doing too bad. But the NASDAQ which has had most of the gains and continued to show strength on down day is now retracing some of its gains right now. Bob Graham PS: It looks like the DJIA has probed yesterday's low and bounced. Lets see if this bounce is able to follow through. PPS: It looks like the bounce is following through and just in time too. The hour is just about up. Lets see what happens next. Any trend that develops at this point can be considered the "true" trend according to Angell in one of his books on day trading S&P Futures.