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I've been somewhat in the dark regarding counts on my charts, however
current work suggests that W.5 is underway on the daily chart and that sharp
rally yesterday to the 62% retracement on the 5 minute chart may have been
minor W.2 of W.3 in which case W.3.3 is now under way and should be both
sharp and quick. VIX remains at a paltry 23.77 reading indicating no one is
afraid of a significant decline. The NYSE and NASDAQ remain in opposition to
each other which is likely to make for continued choppy action
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, August 12, 2001 4:37 PM
Subject: [RT] Markets
> Do I spy the great mother ship (and biggest of the big cap stocks) heading
> for a hard landing???????? Are there problems lurking in GE Finance?????
The
> weekly chart of GE suggests that the answer is yes. No wonder the guys on
> CNBC are working overtime to talk up the market, their options must be
> pretty deep in do do.
>
> Overall, my market horizon these days is a few hours. The basic technical
> work I do with counts, regression channels, and symmetry is all surrounded
> by mysticism. The market does not feel healthy and I suspect that if it
does
> manage to break above its range, it will get a sharp burst upward followed
> by an unbelievable hammering. More likely I think, is an event or news
which
> drives it downward out of this range.
>
> Perhaps most striking to me is the utter complacency and lack of fear
which
> exists among market participants ... if only one has faith and patience,
> Uncle Al will have everything fixed up and the good times will roll on for
> another decade. I don't think it's gonna happen folks which is why (aside
> from trading) I'm very content clipping coupons and thinking there might
> just be a bonanza in gains if Goldilocks gets a real haircut.
>
> Earl
>
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>
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>
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