Befriend the Trend Trading Message Board

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Strategies & Market Trends : Befriend the Trend Trading

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: Naveen Kumar who wrote (4651)	8/30/1999 1:27:00 PM
From: Charles Kalb	Read Replies (1) of 39683

Naveen and Thomas......On the chart for UIS I plotted the upward trendline that was in place from 4/21 to about 7/29 when it was penetrated to downside. To me that indicated that a downtrend might be starting. Indeed, UIS then dropped from about 41 to a low of 37-1/16 on 8/10. UIS then recovered but met resistance at the old trendline kissing exactly off it four days last week. I believe I read that this is a classic SHORT opportunity when price rises to the old support level but can't punch through. UIS is dropping now. I'm SHORT at 44-7/16. Charles

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