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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: donald sew who wrote (27553)8/13/2000 9:23:30 PM
From: Paul Shread  Read Replies (1) of 42787
 
Re Dow diamond: I hate to be the only holdout here, but I'm not ready to declare the diamond broken. The only way I get a clean breakout is on a year-to-date daily chart, which is not the traditional timeframe the diamond is viewed in (weekly). On a basic weekly chart, like SI or StockCharts, the diamond is still intact. These can be sloppy patterns, but we still seem to have a clear downtrend line, IMHO.

My bigger problem with the "breakout" is the volume, which was the lowest since July 10 on the NYSE. These patterns require high volume on upside breaks, and preferably even gaps - we have neither here, and the volume half of the chart should be raising caution flags. Could be just the last thing to rally - Philip Morris leads down markets, not up ones.
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