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Pastimes : Ask da_cheif

MVIS 0.945

+2.7%

Nov 21 9:30 AM EST

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To: Moominoid who wrote (7827)	1/11/2002 4:06:51 PM
From: Chip McVickar	Read Replies (2) of 8150

I Know what rounding tops and bottoms are....! Looking at the monthly INDU chart from 1970...., THAT is NOT a rounded anything, but it is parabolic and gets the bears all excited. Weekly is way to ragged....NO rounded anything, but maybe a rough "W" Today's extended love affair with 10,000 appears to me closer to the 1970's era when the DOW took years forming a foundation and getting use to closing above 800. From 1973 to 1982 the market tried 3 times to close above 1,000..., the 4th time Nov 1982 it stayed there. [Don's probably still rolling over contracts]. The period from 1973 to 1982 is called a flat or bounded trading range. Putting the DJIA market in a 30 year+ framework, todays price action is a reasonable corrective event and not even close to a bear. This dive to 8000 is like sitting at 800. The boys are just out warming up the keetle for a little tea and crumpets, when they get ready it'll move. It's about %-percentages not price. Since 1975 check out the 4 year cycle low which is due in 2002. Chip

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