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Pastimes : Trading the markets.....
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To: Chip McVickar who wrote (4365)4/18/2001 9:21:39 AM
From: Magnatizer  Read Replies (1) of 4583
 
Chip

I wrote this yesterday in my commentary:

Magnet trendline wise the negation of the xmag sell signal leaves the Dow with a likely move up to test the overhead downtrends. Initial overhead is the low 10400s, then low 10600s, and the final overhead DOWNtrend is in the low 10800s. I feel the low 10400 (7/10/00 to 10/27/00 anchors) should be stiff enough resistance to at least start a retracement to retest the area where the Dow last crossed it's new magnet downtrend (9866ish). At that point the fate of the next 2-3 months minimum will be on the line. If it holds support the Dow will send a signal it is prepared to challenge the overhead downtrends again. If it fails to hold the target is the new magnet downtrend which is very steep. The drop to it will scare the living daylights out of most bulls. Dow 30 mag trendlines close view chart shows the players from this commentary upclose.

Magnet trendline cross coming on 4.25.01. Move up to the 10400s will be my signal to go short Dow.


As far as I know, the last time we concurred on a significant date was 2/05/01 in the SP 500.

Needless to say, come 4/25 I will have my finger on the sell trigger in the Dow. I still like SP up into Mid May. :)

Charts and more commentary here:
geocities.com

ht
Mag
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