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Strategies & Market Trends : Classic TA Workplace

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To: cybersaavy who wrote (132228)	4/30/2006 8:53:23 AM
From: skinowski	Read Replies (2) of 209892

MCRS - agree - 40 seems like an important support here, and the stock is in danger of breaking down. Isn't the abundance of new lows occurring along with many new highs - that is part of all definitions of the "Hindenburg Omen" - several sightings of which have been reported recently? "HO" is supposed to indicate confused "internals" of the market - and it is claimed (but not unanimously) that it tends to occur prior to meaningful market declines (or worse). Robert McHugh had a strong bearish bias for some time - which, naturally, weakens his credibility when it comes to calling tops. But I don't see - in general - anything I would have to disagree with in these pictures (I don't know why he prefers to label Ending Diagonals with letters rather then numbers). (I also do not have the patience right now to examine all the minutae of his labeling; but the general idea seems OK). He - like I did recently on a few occasions - points out that INDU is facing serious Resistance from the several tops back in 1999 - 2001 (which all failed, except for one breakout to all time highs). safehaven.com

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