MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: Les H who wrote (726)	9/28/1999 9:26:00 PM
From: J.T.	Read Replies (1) of 19219

Les, I did miss these reco's. AOL is very strong of late. IBM has been on both sides of 125 in the past since June. I noted in MITA 643 on August 31 of IBM's 125 important barometer for the overall health of the DOW and hence the market. Another backtest: ..<Watch IBM. It should be rallying more on this big contract. It has been all over the board today. Big tug of war and signs of distribution. A close below 124 (should be no problem holding this level today) would be very negative for the stock, and hence the DOW. IBM needs two closes above 125 to keep the momentum bullish going, imo.>.. Notice IBM broke 125 last Thursday, the real technical breakdown day of the DOW and SPX. Now watch IBM come into play on the upside tomorrow back above 125. In the past, when 'amakeyoupoorah' comes out with an additional 10% downside forecast for the broad market (DOW et al)after he missed the first 10%, he has worked as the perfect contrary indicator to go in the opposite direction immediately soon thereafter-- if only for even a quickie trade. Best Regards, J.T.

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