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<DIV><FONT color=#000000 size=2>All,</FONT></DIV>
<DIV><FONT color=#000000 size=2> Jim DeWilder and I have
been exchanging messages for the last two days trying to get our XCIT charts to
agree. His trend line was right at the bottom of the data and hadn't been
broken yet. We tried to duplicate results and I even erased my file and
reloaded data from Quotes Plus 2 to make sure we were working from the same
data. I now think my attached chart is right, which has a slightly lower
trend line than my original chart. The stock still broke the
trend line and pulled back above, but hasn't broken back through
again. Since the other facts I mentioned are still valid, I'm still going
to open a put position tomorrow, but only 1/2 the size that I originally
intended. If you are thinking about shorting the stock, you might want to
consider playing safe and waiting for it to trade below 24.</FONT></DIV>
<DIV><FONT color=#000000 size=2> We are still trying to
get our charts to agree exactly, but I wanted to get this information out
today. I did learn two things. First, you have to be extremely
careful when you are making a trend line from two or three points that are
fairly close together then extending it to the right across a long time
span. The second is more disturbing. I made my long term trend line
by zooming in on the May96 to Aug 97 data range, changing the Y scale max to 10
and then drew the trend line through the low points and extended it to the
right. I then hit the ZOOM reset and looked at the chart as I gradually
zoomed in to the right. The disturbing fact is that each time I zoomed in,
the trend line angle seemed to shift up or down a little. That's very
disturbing if the trend line position relative to the stock data varies
depending on how much you zoom in or out.</FONT></DIV>
<DIV><FONT color=#000000 size=2> Equis Support has
anyone else complained about this. Do trend lines that the user draw in
really shift position when you zoom in and out? If so, is the working
solution to set your zoom so the beginning and ending points of the trend line
you want to act on are displayed?</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Jim</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Mon Sep 07 13:24:31 1998
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Posted-Date: Mon, 7 Sep 1998 14:01:27 -0500 (CDT)
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Date: Mon, 07 Sep 1998 13:54:35 -0500
From: Harley Meyer <meyer@xxxxxxxxxxx>
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Hello Bill,
Well as far as I can tell the smart money was covering their shorts on
Friday. That is why we had the end of day rally in the DJIA. These were not
buyers but coverers of shorts. We still have Mondays foreign markets to look
at as well. Looking at Fridays DJIA one would conclude that there was a good
chance for the US markets to move up this week.
Here is a clue to tell you how long this rally will last.
If you have real time charting of the DJIA put on into 5 minute interval
candlesticks. If you don't have real time DJIA go to:
http://commoditytrader.net/
It is free and real time for indices. What you are looking for are the
unusually long down candles during the day. These are sell programs that are
taking place when the DJIA is up and there are these excited buyers in the
morning. There is good market breadth as well at the time of the sell
programs. As the rally starts to fade in the DJIA and market breadth begins
to decline the sell programs will be slower in frequency. You will see normal
selling take place.
Harley
Bill Saxon wrote:
> Want cheering up? Unless you are short. Take a look at Asia and Europe.
> Tuesday may be a good day here.
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