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dow 9000 by christmas
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: From: Proffittak@xxxxxxx
: To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
: Subject: Re: MKT - INDU
: Date: 08 October 1998 16:06
:
: 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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