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From: "Ira Tunik" <irat@xxxxxxxxx>
> The INDU broke out of the channel today and hit a price target of mine.
The biggest up run before sizable correction on the INDU in recent history
was from the low on 9/1/98 to the high on 11/23/98. It was produced
(surprise!) by Greenspan aggressively lowering interest rate. The run was
1,979.90 points intraday and 1,835.20 points on close.
If we add 1,979.90 to the intraday low of the recent run is 9106.54 on
3/22/01 it will amount to 11086.44. Today's intraday high is 11231.15 and is
a record. If we add 1,835.20 to the lowes close of 9389.48 on 3/22/01 then
it produce high close of 11,224.68. Today's close is 11,215.92.
New historical records are possible on Wall Street but they are few and far
between. I have to conclude: a) that INDU is at the end of the initial run
and is due for "sizable" correction. b) Mr. Greenspan was able to produce
initiation of the market compatable with what he has done in 1998. c)
Therefore, the high in front of us is an interim top and market will do at
least one more up leg after the correction.
Historical Alex.
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