MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: James Strauss who wrote (505)	8/9/1999 4:48:00 PM
From: James F. Hopkins	Read Replies (1) of 19219

Well we just had a sort of one time event folded into the DOW with UK getting bought. At least it don't happen real often, so take about 60pts off her to see what she would look like had that not happened. I never did like to TA the DOW, it's not weighted like the S&P also 30 stocks just don't seem to be enough diversity to gauge the market by. ------------- I was looking for a bounce today but didn't get much of one, and it didn't hold. But volume was very skinny today so I don't know what to think. I played XLF late Friday, then again on the open this morning but that last was on margin and so I sold it about 1pm for a tiny gain. My DVI Financial sector held today ( slightly up ) and the sox was up, but most others looked poorly. Maybe we are basing, but if not I could have to hold on for a while. ------------ I don't think we will make any new highs before we go lower but I'm looking for a relief rally, if we don't get it and go on down it shouldn't last long, we will get a new high before Xmas. ( IMO ) Jim

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