The Daily Chartist: Looking for a Better Bottom - TheStreet

The Daily Chartist: Looking for a Better Bottom

The key today is the market's reaction to Intel. Panic is good, but complacency isn't.
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Oct. 13, 1999

Well, yesterday's action will certainly do a lot to turn those charts faster than I originally thought!

It is now very important that we watch the reaction to

Intel's

(INTC) - Get Report

news. Not just Intel's reaction, but the market in general. Should we get some real selling that leads to panic selling, I would consider that positive.

However, should we simply get a shrug, much the same way investors have shrugged off any bad news from technology recently, then we will continue with more of the same narrow, unhealthy rallies.

Panic is good. Complacency is not. Let's hope for panic so we may just be able to find that better bottom.

New Highs and New Lows

Overbought/Oversold Oscillator

Cumulative Advance/Decline Line

Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on TheStreet.com. Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback at

KPMHSM@aol.com.