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People been projecting a major down turn for 12 years. Bottom line is that
there is *still* no reason to sell off the market. It's the "best game in
town" and the baby boomers know no fear. Oh, I can see it back to 10K or
so .. maybe. The more that believe in a severe downturn, the less likely
it becomes. We've had no real damage to the market place. To the Internet
bubble, yes but totally expected. Profits flowing out of T and LU .. all
normal corrective action. The players are returning a bit now.. vacations
over with.. (although still on vacations in Europe). If we do retrace to
10K, the doomsayers will come out of the woodwork which is required to pump
life into the bull. I'm playing this thing on a day to day basis now.
Investment money is out and trading money is on a "show me the way" program.
Bob
At 05:02 PM 8/5/99 -0700, Jim White wrote:
>Hi Steve,
>For those that have been following my DJIA forecast, I projected today as a
>turn point. My intraday analysis projected 10:25 as the bottom and what do
>you know.
>Now the next turn I have projected for 8/11 which corresponds with the solar
>eclipse. I originally thought we would see 13000 on the DOW but now I
>believe real damage has been done. I expect a very short upturn and a major
>leg down.
>Jim
>----- Original Message -----
>From: Steve Walker <Steve@xxxxxxxxxxxx>
>To: <Steve@xxxxxxxxxxxx>; <realtraders@xxxxxxxxxxxx>
>Sent: Thursday, August 05, 1999 1:00 PM
>Subject: Re: GEN: Near a turning point?
>
>
>> Well the question for today has been answered. The IIX, NDX, OEX all
>bounced off support.
>>
>> The bounce was not enough to make my short term indicators trip. Even if
>they had, I would not likely go Long with the weekly indicators so weak.
>>
>> Will there be any follow thru? Comments?
>>
>> Steve
>>
>> >>> Steve Walker <Steve@xxxxxxxxxxxx> 08/05 5:23 AM >>>
>> Is buying going to come back into the market soon?
>>
>> I analyze three indexes in multiple time frames to guide my trade entrance
>and exits. Those indexes are the IIX, NDX, OEX. My theory is that the IIX
>and NDX lead the broader market. The OEX is pretty much in lockstep with
>the SPX and I often trade options on this index (mostly I trade stocks). As
>for time frames, I focus on hourly, daily and weekly data. For a Long
>entry, I look for the hourly indicators to be UP, the daily indicators DOWN,
>and the weekly indicators UP. My indicators are simple, a mixture of moving
>averages and oscillators.
>>
>> Right now my indicators are: DOWN, DOWN, DOWN and have been since the
>close of 7/29/99. However,by my calculation, we are at support levels as of
>Wedneday's close . Also, Friday is a Gann Square Date. So, looks to me as
>if we are at a juncture here. Will be interesting.
>>
>> Steve
>>
>>
>>
>>
>
>>
>!
>> !
>>
>
>
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