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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Brent Hogenson who wrote (46838)6/24/1999 2:27:00 AM
From: BigBull  Read Replies (1) of 95453
 
Brent, The chart you just so graciously supplied paints a pretty ominous SHORT TERM TECHNICAL picture. The Stochastic sell signal was confirmed by a MACD sell signal. The MACD has produced two successive lower peaks for each successive higher peak in the index, this is what Gary is calling a "bearish divergence" and for us quant mavens is a strong warning. You may recall that during the bottoming pattern last winter this indicator was flashing bullish divergences to a telling effect. Maybe we TA types are all full of beans, but it helps us stay disciplined and gives us something to act on FWIW.
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