----- Original Message -----
Sent: Thursday, February 21, 2008 1:42 PM
Subject: McHugh's Special Mid-day Thursday Market Update, Feb 21st,
1:00 EST
All systems go as the Symmetrical Triangles complete their
patterns, possibly this afternoon. The early rise Thursday finished wave
{d} up, and the decline Thursday since is
wave {e} down to complete {b} down. At mid-day, a small Head & Shoulders
top pattern has completed, suggesting we could see the Industrials drop toward
the 12,250ish area +/- before bottoming. That would imply an ugly afternoon as
the Industrials sit at 12,345 as this is going out at 1:00ish
EST.
Once the
triangles finish, we expect a sharp move into our March 3rd +/- a day phi mate
turn date.
The
S&P 500 is currently down 9 to 1,351. The NDX is down 9 at 1,778,
and the RUT is down 5 to 705. The HUI is up 5 to 471 as inflation assets
fully expect hyperinflation to bail out this
economy.
Check out
this evening's newsletter to subscribers for chart and indicator updates at http://www.technicalindicatorindex.com/
.
Robert
McHugh, Ph.D.