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In a message dated 98-10-08 09:28:40 EDT, you write:
<< Under normal market conditions I would agree with you having noted the same
conditions. However we are not in normal market conditions and pressure is
coming from all directions as the bubble in values, credit and derivatives
is unwound. I believe one must move to weekly charts to properly interpret
moves in the daily issues, volume, and index trends. The weekly McOsc,
OB/OS, Summation, and trends all suggest that a bottom is not in place.
Further, the weekly dollar futures chart has just gone to hell and
commodities are basing. If you want one single index to watch for sign of
top/bottom, keep an eye on the Amex Broker Dealer index which reflects the
prospects for Wall Street - yesterday it completed a .62 fib retracement of
94-98 on accelerating momentum. Even with the declines in both the S&P and
interest rates, the TBill-EarningsYield index has merely declined from
Extreme Danger Zone to Danger Zone. This is not to say that we may not get a
bit of a rally at some point, however I firmly believe we have not seen the
lows in the market - possible bottom around 6300. >>
good morning to all
thank you for all your replies
when i said that yesrerday was the low i just ment short term
i do agree that AFTER a short term rally we will visit 6100-6400 on the dow
happy trading
Ben
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