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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Haim R. Branisteanu who wrote (132244)	10/31/2001 8:10:14 PM
From: sun-tzu	Read Replies (1) of 436258

Swenlin...10/31/01 (a good one) <Yesterday short-term rising trend lines were violated on market index charts. This is particularly evident on the Nasdaq, which gapped down. Today the Nasdaq snapped back to the trend line and filled the gap in textbook fashion. Since yesterday appears to have been an initiation climax day in terms of price, volume and breadth, I am assuming it was initiating a down side move that will resume tomorrow. Bonds rallied very big today. I was expecting the bond yield to trend down to the 1998 low after some observance of the March 2001 support. It paid no attention to the support and made most of the move to the 1998 low today. I don't know how these lows relate to historical lows -- I only have data back to 1987 -- but for now I am assuming that the 1998 lows are historically significant and will hold once they are reached. The PMO for gold on the daily chart is about ready to turn up, and there is a clear PMO buy signal on the monthly chart, not to mention a compelling double bottom; therefore I am switching to a BUY Signal on gold. This is a long-term signal and I don't plan to change it unless gold closes below 255.> --Carl Swenlin

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