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

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To: MythMan who wrote (189834)	8/28/2002 4:35:28 PM
From: stan_hughes	Read Replies (1) of 436258

I know most of you people think that TA is voodoo and chart chasers are clowns, but FWIW, today's decline in the SPX dropped us out of that wedge they've all been talking about, depending on where you measure it. One more down day and any argument about whether it's toast will be moot. We also experienced a drop back below the MA50 today. This will be seen as a major failure in voodoo land if it's confirmed by another close or two underneath that line. A few of the momo indicators are also looking ill here -- we are very near High Noon for the longs. Once the wedge failure is confirmed, most will be of the view that the pattern has morphed into a bear flag, with an accompanying increased confidence that we're going bigtime lower the minute we exit the bottom of said flag. A rough eyeball of where that exit point might be is about SPX 875 if it's reached in the next week or so. Slice through there to the downside with any degree of authority and you'll be hearing lots of calls for SPX 675 as a completion target. Voodoo or not, if enough people act on these signals they can actually make it happen just on the strength of the conviction and make it a self-fulfilling prophecy.

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