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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: Doug R who wrote (33221)12/31/1999 4:27:00 AM
From: Doug R  Read Replies (9) of 79427
 
Hmmmm...we're going into an election year now. Statistically that's a bullish thing.
Hmmmm...we're about to start a new millenium. No statistics for that.
I'd say the notion can be entertained that there is likely an underlying psychological desire on the part of the investment community toward maintaining the obvious enthusiasm in the market in order to start the millenium on the plus side. Even though the change to 2000 is, more or less, arbitrary as far as calendrical considerations, the grasp that such changeovers has on the general psyche should be obvious to any market watcher. The moves made by the DJIA through each thousand mark over the last 4 years has been accompanied by noticeable hoopla...especially 10,000. Any given value can be as important as any other on a charting basis. It depends on what the chart is doing at the time. An examination of the DJIA over these years shows that the thousand "barriers" play a large part in "what the chart is doing". Arbitrary as they may be, psychology puts them in high "esteem". Of course there will be a correction or two this coming year BUT the bias will VERY likely remain to the upside.
The recent new high made by the R2K would tend to imply some broadening of the advance as the year progresses.

Now on to a more thread related note.
Philadelphia Magazine has set up a structured arrangement whereby 3 stock market "gurus" (ack...that word can be a burden sometimes) will submit buys and sells throughout the year.

Eugene Peroni is president of research at John Nuveen & Co.

Marvin B. Roffman is president of Roffman Miller Associates.

and me.

First of all, I'm quite honored that these guys would consider the idea much less step up to it. I had my own reservations at first but it should be a positive thing for all so I'm in.

We each start with $10,000 virtual. Margin can be used.
At least 1/4 of the stocks chosen throughout the year must be local area. This includes Eastern PA (Philly focus), Delaware and New Jersey.

Tax liabilities will be taken into account.

Updates will be posted on the magazine's website. Phillymag.com

and....pssssst....these guys have their own support teams behind them. They may not realize the strength of the support team on this thread so...let's get 'em.

Doug R
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