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Strategies & Market Trends : Z Best Place to Talk Stocks

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To: Larry S. who wrote (29839)	3/12/2001 8:08:01 AM
From: chartseer	Read Replies (2) of 53068

FWIW:nothing Friday was a devastating day technically for the market. In two days we returned to the position we were in in February 14 of the 15 top NDX stock's PnF charts are again in columns of Os. 81 of the NDX stock's PNF charts over all are in columns of Os. While the NASD was in a column of Os Thursday at the close of Friday the DJIA, SPX and the NSD all joined the NASD reversing into columns of Os. On the other hand 20 of the DJIA stocks PnF charts are in columns of Xs. Keeping an eye on GE which with HON trailing now accounts for 1/15th of the DJIA. GE flirting with the abyss. Friday heard a talking head ask "Will the DJIA break through 11,000 and pull up the NASDAQ?". My concern is will the NASDAQ break 2000 and pull down the DJIA? The DJIA while not far off its highs is in a very dangerous position PnF chart wise. Especially if you look at the 100 point per box PnF chart or the chart of the DIA. DJIA stockcharts.com DIA stockcharts.com All said and done my market direction indicators, which I must stress are trailing indicators, while stalled Thursday and Friday have not as yet reversed direction downward. But that could change. There are still more bullish charts than bearish charts in the SP500 and while there are 14 Bullish charts VS 16 Bearish charts in the DJIA, the Bullish number is up from 10 a week ago. It seems there are always more questions than answers but I do not really know as yet if the Bear Market rally is really over or not. What ever happened to "Don't fight the FED"? Will the SPX not be higher in 6 months? In a little over a week the Robins will be back and I have to get the bird baths cleaned up. As they bathe daily if not more frequently. Not exactly sure when the ground hog and the chipmunks will awaken but believe Spring will arrive shortly. then again what the heck do I know? chartseer

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