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Re: Dow Theory



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<DIV>Replying to your excellent findings that there are/were indeed massive 
liquidity flows.</DIV>
<DIV>&nbsp;</DIV>
<DIV>What you forget to find however is</DIV>
<DIV>1. - where these flows are <FONT size=2><FONT size=3>coming from, eg who 
are its &quot;owners&quot;</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>2. - how financialy solid constructed they are, 
eg creditability of these owners</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>3. - what will happen with and to these massive 
flows AND to its owners when markets reverses, eg turns against its 
owners</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>4. - that up till mid 1997 the Dow theory had 
been right 21 out of 24 times over a period of 90 years</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>5. - that up till Sep1998 it to be right 24 out 
of 27 times</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>6. - that these Dow techniques are 100 years old 
first published in 1899</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>7. - that these other used TA techniques have 
proven themselves to be right, over and over again</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>8. - that applying these techniques combined will 
work like an insurance and can prevent any damages</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>9. - that the air pumped into the markets one day 
will lead to an outburst right 'explosion'</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>10.-that P/E ratios already have doubled since 
the early 1990 days when the markets for 3 years in a row 
couldn't</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; be pushed up 
at all, and with a mere 40-50% of the </FONT></FONT><FONT size=2><FONT 
size=3>companies now shooting off profit-warnings at the 
markets,</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; clearly 
</FONT></FONT><FONT size=2><FONT size=3>implying over-rational relative P/E 
divergences</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3></FONT></FONT>&nbsp;</DIV>
<DIV><FONT size=2><FONT size=3>Along with the fact that the USs Total Credit 
Market Debt(TCMD) is in the region of over</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>20 trillon US$ </FONT></FONT><FONT size=2><FONT 
size=3>and negatively diverging from its underlying base, the Gross Domestic 
Product, which</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>is at the </FONT></FONT><FONT size=2><FONT 
size=3>8.5 trillion US$ level. This then makes you wonder when this balloon will 
burst when in 1970</FONT></FONT></DIV>
<DIV><FONT size=2><FONT size=3>these </FONT></FONT><FONT size=2><FONT 
size=3>statistical </FONT></FONT><FONT size=2><FONT size=3>figures were at a 
</FONT></FONT>ratio of 1.5 to 1 and in 1980 4 to 3 and in 1990 12 to 
6....................</DIV>
<DIV>The Latin American countries do have a name to keep up of living on 
credits, but 200% financing</DIV>
<DIV>income flows that aren't there or declining......................... </DIV>
<DIV>&nbsp;</DIV>
<DIV>To me that sounds like the US broad domestic market alone is a 
&quot;small(?) hedge fund&quot; by itselve.</DIV>
<DIV><FONT size=3>
<DIV>Add 1+1 together, and you'll have 2 as the outcome as to why a technical 
correction is desperatly</DIV>
<DIV>needed to get the total markets P/E Ratio back into a non over-rated 
situation, eg to somewhat more</DIV>
<DIV>natural levels in the P/E15-30 band widths lower/middle part. Then when the 
companies are</DIV>
<DIV>reporting (much) bettering figures upose to the current average to minimum 
to nil growth, then a return</DIV>
<DIV>to the band widths upper 20-30 level is also 'over-rated' but acceptable in 
this high conjuctures era. </DIV></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV>Above facts are based on charts + comments as can be seen in the Iris Ltd 
publication of the</DIV>
<DIV> Ian McAvity's &quot;Deliberations on World Markets&quot; &quot;Issue #617b 
- September 9, 1998&quot;,</DIV>
<DIV> a 3 weekly Technical Analysis by Charting publication issue. </DIV>
<DIV>In this, Ian McAvity based his statistics for the TCMD on the latest Sep98 
FED's Flow of Funds Report.</DIV>
<DIV>&nbsp;</DIV>
<DIV>His publication can be subscribed to at an annual rate of&nbsp;US$225 for 
18 issues.</DIV>
<DIV>IRIS Ltd.</DIV>
<DIV>P.O. Box 40097</DIV>
<DIV>Tucson,</DIV>
<DIV>AZ 85717, USA.</DIV>
<DIV>&nbsp;</DIV>
<DIV><A 
href="http://www.topline-charts.com/HotCharts/delibera.htm";>http://www.topline-charts.com/HotCharts/delibera.htm</A></DIV>
<DIV><A 
href="http://www.topline-charts.com/samples.htm";>http://www.topline-charts.com/samples.htm</A></DIV>
<DIV>&nbsp;</DIV>
<DIV>In Europe:</DIV>
<DIV>225 US$ + 6% VAT</DIV>
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<DIV>&nbsp;</DIV>
<DIV>Regards,</DIV>
<DIV>Ton Maas</DIV>
<DIV>ms-irb@xxxxxx</DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT size=3>
<DIV>&nbsp;</DIV></FONT></DIV>
<BLOCKQUOTE 
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
  <DIV style="FONT: 10pt arial">----- Original Message ----- 
  <DIV style="BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A 
  href="mailto:dgard@xxxxxxxxxxxxx"; title=dgard@xxxxxxxxxxxxx>David Gardner</A> 
  </DIV>
  <DIV><B>To:</B> <A href="mailto:metastock@xxxxxxxxxxxxx"; 
  title=metastock@xxxxxxxxxxxxx>metastock@xxxxxxxxxxxxx</A> </DIV>
  <DIV><B>Sent:</B> zondag 8 november 1998 23:20</DIV>
  <DIV><B>Subject:</B> Re: Dow Theory</DIV></DIV>
  <DIV><BR></DIV>I've been a bear since 1996. I have been wrong. Anyone that 
  thinks this is just a trap to lure in the unwary bulls doesn't understand the 
  massive liquidity flows that laugh at out 1970s and 1980s &quot;used to 
  work&quot; techniques. 
  <P>David Gardner M.D. Ph.D. <BR><A 
  href="mailto:dgard@xxxxxxxxxxxxx";>dgard@xxxxxxxxxxxxx</A> <BR>K6LPL 
</P></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Mon Nov 09 19:32:56 1998
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From: "Linda Swope" <linda@xxxxxxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Subject: stockedge data
Date: Mon, 9 Nov 1998 17:49:00 -0700
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<DIV><FONT color=#000000>Good evening Metastock users</FONT><FONT 
color=#000000>,</FONT></DIV>
<DIV><FONT color=#000000></FONT>&nbsp;</DIV>
<DIV><FONT color=#000000>I would appreciate comments from anyone using Metastock 
Pro and StockEdge data, especially if you're using Level II and <FONT 
color=#000000>daytrading&nbsp; </FONT>off the data.&nbsp; </FONT></DIV>
<DIV><FONT color=#000000></FONT>&nbsp;</DIV>
<DIV>I am considering upgrading to Pro, but am concerned that StockEdge data may 
lag, making Level II quotes untradeable.</DIV>
<DIV>&nbsp;</DIV>
<DIV>I really appreciate your time and input!</DIV>
<DIV>Linda</DIV>
<DIV><FONT color=#000000>Swope's Mountain Photography</FONT></DIV>
<DIV><FONT color=#000000>**Climb the mountains &amp; get their good tidings; 
Peace will flow into you as sunshine into flower;&nbsp; the winds will 
blow&nbsp; their freshness into you &amp; storms their energy, &amp; cares will 
drop off like autumn leaves.&nbsp; John Muir**</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Mon Nov 09 19:33:08 1998
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From: "A.J. Maas" <anthmaas@xxxxxx>
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Cc: "rijt, wil v.d." <wil.rijt@xxxxxx>,
        "Rene Dennesen" <dennesen@xxxxxxxxxxxxxx>,
        "Onno Goedknegt" <goedkneg@xxxxxx>, <m.jonker@xxxxxxxxxx>,
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