Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: bearshark who wrote (10125)	11/21/1997 9:50:00 PM
From: bearshark	Read Replies (2) of 94695

Investor 2: I am back to line drawing again. However, the other stuff that I watch says we are in an overbought condition. Based on the overbought condition, I feel we can lose a couple of hundred points in the next few days. Now I can go back to the line drawing. I plotted another rising resistance line from the 7161 bottom. Today it sits at about 7640. By the end of next week it looks like it will be at 7700. So if we have a down-day Monday, my guess is that we need to avoid penetrating the resistance line to stay on a course for a new high in the DJI. If we have an up-day on Monday, the line needs to be adjusted upwards. As always, if this actually pans out, it may simply be a coincidence or dumb luck. Regardless of this technical stuff, I think 1998 will be a real stinker in the DJI. I think it will be a down year.

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