John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (4935)	10/22/2001 10:23:40 AM
From: Terry Whitman	Read Replies (1) of 33421

Thanks for posting that JP, and Lee- thanks for the Rogers article- I really like his style. That organization to promote a bull market is pretty funny stuff. It's like a PeeWee football offense trying to blow a hole through the Texas Longhorns defensive front. <g> I often have to remind my pals that the market is a leading indicator for the economy- it doesn't follow the economy. If people would just burn that thought in their heads, they'd trade a whole heckuva lot better. Up until last week, the market was looking alot like the 1998 bottom- only difference being it bottomed a few weeks earlier. This pull back last week, however has set it apart from 1998. Here's a NYSE chart from the '98 bottom period- stockcharts.com[m,a]daclyymy[d19980901,19990101][pb50!b200][vc60][iUb14!La12,26,9] The first stop on the '98 train was between the falling 50 and 200 day ma's. The first stop this time is BELOW both falling ma's. The 2nd stop in 98 was ABOVE the 200 dma, so we definitely have to do some work to achieve that this yr. stockcharts.com RSI is also weaker this time. This is no longer matching up with '98. Doesn't necessarily mean that we have a lower bottom still to come this fall- but it increases the chances. I'm staying at 35% long. A re-test of the lows looks to be increasingly likely here. Regards, TW

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