John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Chip McVickar who wrote (812)	4/5/2000 10:35:00 PM
From: John Pitera	Read Replies (1) of 33421

Here are a couple of DJUA charts--a daily and a weekly. The daily chart shows that we hit resistance near the 200 DMA @ 301. The DJUA also needs to get through the 50% retracement level @ 302.5. geocities.com but we have made higher lows. On the Weekly chart from 1-1-93 we have held the .382 Fib Retracement Level from the bull advance from 11-25-94 @ 172.55 to the 6-16-99 high @ 336.03. geocities.com This could well be a large 4th wave since the June 1999 high. I want to see how easily we can get over the 200 DMA @ 301 and the 50% pullback on the daily chart @ 302.50 One potential negative for the Utilities is that The long Bond probably just made an intermediate top in price and Low in yield. We had 10$ of calls bought for every dollar of puts on the T-Bond Options yesterday. The highest ratio in a year, and one that normally occurs near tops in price. John

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