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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (29992)12/9/1999 5:11:00 PM
From: JD  Read Replies (1) of 50167
 
"...many a correction follows falls in BKX..."
A while ago you stressed the importance of watching the BKX. Today, the BKX gained 0.9% (from open) by the time it peaked at 9:45 AM. The SPX didn't peak (also 0.9% gain from open) until 9:51.
The Dow didn't peak (1% gain) until 10:03 (at which point the BKX had already given up almost 1/3 of its opening gains).
And the NDX gapped open up at 3217 (1% gain), but at 9:51 was at the same level (3218).

The point of all this is that anyone looking at the charts of the Dow, SPX, and NDX at 9:51 would have thought "full steam ahead". But this threads fearless leader had for-warned us to look to the BKX and BRKB for the "storm warning signs" - and you were right on the money again!! At 9:51 the BKX had been dropping for 5 minutes and BRKB was down about 1%. I Waited a few minutes for confirmation of the drop by the "big 3" (SPX, DOW, NDX) and it was profit taking time for me!!

Your strategy looks to me like "New Age Dow Theory" - instead of looking for the transports to confirm dow moves, you are now focused on looking for "traditional businesses" (banks and non-tech businesses) to confirm (or not) the move of the "high-tech, e-commerce sector"

Thanks again for keeping us one step ahead of the crowd!!

Bought EGRP leaps earlier this afternoon. This high trading volume will mean record 4th. Qtrs. for the "OLB's" (on-line brokerages).
My only problem now is I can't find a symbol for BRKB that works with my real-time quote service!!

Regards, Jerry
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