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Posted 8/8 8:55 Central Daylight Dow 8100
Dow just broke my uptrend line starting 4/14. MACD on the
daily chart signaled a sell on 8/4. This indicator has
signaled several sells since 4/14. I don't use this as my
buying or selling indicator. OBTR (On Balance True Range)
which MS doesn't have is now rolling over but hasn't yet
signaled a sell. This has been a very reliable indicator
for me. The 50 day average is down about 7850 so we have a
ways to go before crossing this. I'm doing no buying of
those which have advance sharply since April.
Have done a little buying of golds since the OBTR of the XAU
index signaled a buy 7/22. Am building positions in natural
gas stocks since ASE Natural Gas Index broke out of a penant
formation recently. This group has done poorly since
Jan97. Much talk of El Nino has weighed on these.
On the other major averages, OBTR has signaled no sells
except for DJ utilities which is very close to a Sell signal
which could come today or tomorrow if it stays weak.
Bob Doeden
Chicago
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