Re: [CANSLIM] M

From: Mike <PatternDT@SoftHome.net>
Subject: Re: [CANSLIM] M
Date: Tue, 11 Mar 2003 22:21:30 -0500

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 > Does anyone recognize this pattern <

Some would say the QQQs ended an impulsive move down on Feb 13, then had a 
correctional wave up to March 3.  The impulsive was 5 zigs and correctional 
was 3, so the overall down trend is expected to continue.  Going forward we 
may be starting wave 3 which could be impressive, April may bring a buying 
opportunity, we'll see.  Sometimes I think they just make this stuff 
up.  :)   Also the MACD was deviating during this period so price had a 
probability of breaking the ascending triangle.  Guess this sort of Voodo 
doesn't belong here, I'm interested in various approaches and hope you are 
at least amused.  I doubt one discipline is better than another, more 
important is the system has to fit the individual. imho, anyway.

I'm hearing a lot of comparison between the Gulf War and now too.  If 
everyone expects the market will go up it might, at least at first while 
initially there is the appearance of serious progress.  This could easily 
turn into a longer commitment and that will upset investors.  There is a 
real treat of homeland terrorism this time.  Also the personal, state and 
national debt are way higher than in 91.  I heard on the radio today the 
estimate for rebuilding some piece of Iraq will be $300 billion, that's 
going to be a drag on growth.  If you step back from the chart it looks 
like 91 was a pause in a bull market, but now we have a bear.  Not sure 
what to think of it but I observe oil prices where fairly stabile before 
91, the futures went momentarily nuts but then came right back down, there 
were no supply problems, this time we are in a sustained rise?  I don't 
know, you value investors are much better at this sort of stuff.  Don't 
think I want to bet on the 90's returning just yet.
Mike



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