Stocks Crossing The 13 Week Moving Average <$10.01 Message Board

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Strategies & Market Trends : Stocks Crossing The 13 Week Moving Average <$10.01

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To: James Strauss who wrote (5120)	9/17/1999 10:35:00 PM
From: Jibacoa	Read Replies (1) of 13094

JIM: <<<On a day when the Dow is up over 100 points we have the New Lows overshadowing the New Highs by a 3:1 ratio... Sustained rallies are not made of this kind of stuff... The number of New Lows should be decreasing and the Number of New Highs should be increasing in a normal sustained rally environment... Unless we see that, this rally will be short lived...>>> I agree with you that the "market" doesn't look good. Since the Dow went above the 11,000 level in April, it has dropped to the 10,500 level and bounced back 5 times. Two times the "bounce" carried it temporarily above the 11,000 again (July and August).This last time on the daily DOW's chart, the pattern looks like a "head & shoulders" formation with the head in late August and the left shoulder still intact. It seems that if it breaks the "support" in the 10,450 to 10,500 level it should have a fast drop of at least 2,000 points. With October and the "Y2K" looming ahead I have been concerned enough to raise my cash position above the 80% level. Regards and good luck. Bernard.

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