Galapagos Islands Message Board

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Strategies & Market Trends : Galapagos Islands

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To: Libbyt who wrote (46196)	8/13/2003 1:18:57 AM
From: PuddleGlum	Read Replies (1) of 57110

Looks like you got there first re: HLSH. Good enough. Here's my thoughts on the possibilities for a neutral or better market: BPNDX just resigned with a reversal below 70. That forebodes some extended period of weakness. stockcharts.com[PA][DA][F!3!!]&pref=G BPINDU is still in business: stockcharts.com[PA][DA][F!3!2.0!]&pref=G SPY at a critical point just below the BRL: stockcharts.com[PA][DA][F!3!2.0!]&pref=G QQQ still in bad shape, but the low pole reversal makes it look dangerous to short: stockcharts.com[PA][DA][F!3!2.0!]&pref=G USPIX on a long tail down, makes it (the market) look good for shorting: stockcharts.com[PA][DA][F!3!!]&pref=G My own charts are mostly flashing warning (bearish) signals here, but one indicator still says oversold, and it probably won’t reach overbought territory until Thursday, and then only if the markets are mostly up on Wednesday and Thursday. Here’s what I’m seeing and thinking. Last week my commute pattern changed due to some training that I had to attend. I haven’t used some of these freeways in ages, but they were sufficiently crowded to lead me to believe that unemployment here in the SF Bay Area isn’t as bad as the press would have me believe. In addition, Asian stocks are looking very attractive to me right now, and if China and Japan can sustain a recovery we may find that our own markets are spared the devastation of a 1930’s style depression. Weekly candle studies show RTH breaking out while many other composite symbols are showing strength in the face of resistance. Energy-related composites are still well placed to begin extended upward activity. Kind of hard to generate a conclusion based on this info, but I suppose that I'm mostly thinking that the downside isn't as great in magnitude as I would like, but that it may last longer than I want it to.

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