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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.53

-1.5%

Nov 20 4:00 PM EST

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To: HairBall who wrote (22201)	8/5/1999 2:17:00 PM
From: bearshark	Read Replies (1) of 99985

LG: I remember posting the DOT and IIX charts just when they topped and first gave a sell signal (using strict adherence to Dow Theory movements). They had shown the classic three steps up and two corrective phases. The first leg down confirmed a sell. Then they formed symmetrical triangles and dropped out of them. They both then were repelled by the apex of the triangle. Here is the IIX but the DOT is nearly identical. There are plenty of places to have exited. beta.iqc.com Here is the INDU triangle again. In this one we are battling at 10,700. We are now in the apex. A drop below 10,600 should be very serious. beta.iqc.com Since my focus is the DJX and positioning myself for its moves, my primary interest is the INDU. The things I use to confirm the chart patterns were off by about a week and my signals went from strong buy to get the h____ out almost immediately. However, we are still at the INDU apex and the INDU has not yet collapsed. If the INDU stays above there from now to 8/19-23, we could have the opportunity for a strong move up. A number of things must meet within that timeframe. That is my next target. Today we have the high volume again with the market showing a lot of emotion. What I was seeing yesterday is still going on. One of these afternoons, the buying will overtake the selling and we will get a nice pop-probably to short. It is fun to watch these emotions played out in the markets.

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