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Strategies & Market Trends : Ask DrBob

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To: longdong_63 who wrote (33544)	5/14/2001 11:52:01 AM
From: eichler	of 100058

LD The daily charts for the indexes really look stinky to me... Been aware of the numerous sentiment of the main variations of the "buy the rumor, sell the fact" (and the reverse) when it occurred to me that just about everyone was expecting some kind of rally either before or after Fed tues. I wondered how devious it would be if there was no rally at all, just a downward bias retesting the lows and filling some gaps. The look of the daily charts is such that what little sell-off we have had so far doesn't fulfill the requirements of a normal fib. type retrace, so far. Stochastics, ADX support that down is the current bias and those indicators look like they have a way to go before indicating oversold conditions. I suppose it is possible for a rally yet before, or a rally after...the chart just doesn't support a reversal back up in the immediate future IMO. I am in CAUTION mode for now...no longs for me until I see a good signal for the Coast Clear. Regards, Eichler

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