Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Chip McVickar who wrote (37964)	3/5/1999 1:35:00 PM
From: bearshark	Read Replies (1) of 94695

Chip: A few minutes ago the INDU was up 227. However, the volume looked too low. My guess is that we get a pullback in the last hour for an up-day of about 160 points on the INDU. It should do that. The apex of the triangle looks like about 9400 to 9450. This weekend I will plot it. I have been using the eye-ball technique and the paste a Post-it to the screen technique. I think MMM would appreciate the latter. If everything goes right we should have a nice little upside-down cup form and then the retracement to 9450 to 9400. We are clearly through the INDU triangle. Over the last few days block money was going into the INDU at an abnormal rate. However, that was not happening in the INX. This should be a narrow rally based on the largest stocks at first. Another thing to think about is that the INDU stocks account for 25% on the INX. (At least the last time I calculated it.) So the INX is a bit weaker than it looks after mentally subtracting out the INDU stocks. I think we have a selloff in the last hour. I don't know. We just have to see.

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