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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (2242)1/5/2000 6:33:00 AM
From: fut_trade   of 19219
 
...It was SPX 1,460

That was where the trendline was in Nov 1999. When I was extending the data back to 1880, I notice now that the trendline got slightly adjusted and the same Nov 1999 limit is now about 1470. The difference is really insignificant given the length of extrapolation over decades of SPX data. I didn't have confidence in such a long-term trendline back in November, but I now believe it is meaningful, and the slope of the trendline expresses the long-term growth-rate of leading industries in a free-market economy.

I now question whether the internet will lead to a total change in historical, industrial-growth trends. I think the historical limits of growth will continue to be followed and the trendlines extending back decades will continue to be approximately valid and useful to follow.
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