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James -
My analysis (made Sat and Sun) for Monday is fuzzy as well. Normally I
would anticipate Monday to be an up day. However, my daily over
bot/sold indicator is neutral despite a run of lower lows. I concluded that
I would watch and wait for the direction to unfold. Since that time (now
Monday morning) the Asian and European markets have worked lower.
And Clyde Lee's swing analysis points lower as well. Since I am not
already in with a short, I'll will wait for a point to enter a long. My targets
are AXP and CMCSK.
Steve
>>> James Charles <money4u@xxxxxxxxx> 12/21/97 11:10pm >>>
Hi Guys,
I don't have a strong feeling about the market tomorrow because:
1. MACD divergence and Friday's action are bullish. Furthermore, one
wonders if the strength shown in the nasdaq will soon move the s&p.
Considering the volume behind the down action, a blow-off may have
occurred with a bullish reversal imminent.
2. But cci, dmi, and m/a's are still pointing to bearish price movement
and stochastics have failed and are now pointing lower. Furthermore all
of the elements in 1. above were present at the end of last week and
still we had another down week. So without price confirmation, the
trend is still down.
ALSO, it looks like the tech stocks are more oversold and, being subject
to more momentum, would lead the S&P in a reversal to the upside.
What are your thoughts on the techs and the s&p?
Best wishes,
James
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