Hi CHip, I think there are limits as to how much one
wants to read into a Diamond, they are not that common.
the edwards and maGee book shows them on individual stocks
and I don't believe they even have one on an market index.
Looking at the Weekly charts, I believe you have a valid
point that we could call it still in an uptrend
on the DJIA, SPX, NYSE, DJUA, wilshire 5000
I thought Helene Meisler sticking to her point that
a Break of the NASD trendline from 1998 means that
to her we could go back to NASD 2000.
Since so many use trendlines, they are made to be
violated and create fake outs thats, why price momentum
considerations are so important, and most
seasoned market participants would be looking for quite a
big counter trend rally before we got to a
NASD 2000 number. The psychology is evolving away from
that which prevailed in Q4 1999 and Q1 2000.
One final note, for those who are really watching the
Top tier names in tech, those that are seen as being the
top 25 growth names, they are acting stronger in the last
few weeks.
I'm speaking in terms of the intraday way they decline and
rally. |
