Candlestick Charting--The unknown indicator Message Board

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Strategies & Market Trends : Candlestick Charting--The unknown indicator

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To: MonsieurGonzo who wrote (590)	10/16/1997
From: ftth	of 1589

Tell me it isn't so! I just downloaded the following (mis)information from my quotes-plus daily data: !COMP Nasdaq Composite 1119.07 -613.81 -35.42% 816.14 mil shares <<I'm having a hard time tryin' to find something that looks clearly bullish right now; mebbe I need to put on some rose-coloured glasses, or mebbe this is the perfect contrarian indicator!>> Me too, Steve! Talk about a bearish engulfing pattern! Think it'll gap up at the open? Too funny! Maybe it's a new pattern called a melted candle....or maybe the big dipper! Seriously, though, when the most recently strong stocks get clobbered after beating consensus estimates and showing high double-digit or even triple digit top and bottom line growth, it seems the market is sending a clear message that the top performers are overextended/overvalued. Maybe they just need a little air let out, maybe they need a lot. Next couple weeks should be interesting. A similar scenario played out during early April earnings (followed shortly thereafter by a correction, and then a beautiful buying opportunity). Keeping a close eye on market internals over next few weeks would be a very prudent move in my opinion. dh

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