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Strategies & Market Trends : Overnight Markets & News
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To: GROUND ZERO™ who wrote (180)12/2/1997 9:06:00 AM
From: Cage Rattler  Read Replies (2) of 233
 
GZ:

That is some question to ask a neophyte. I'll me give it a try.

"Andrew's Pitchfork: A trend-line study that consist of three parallel lines drawn from three points on your charts. Refer to Technical Analysis of Stock Trends, by Edwards and Magee for detailed information of the interpretation of trend lines."

You remember the trend-line we drew projected from point A, bisecting line B-C, and extended across the chart? Andrew's pitchfork projects two additional lines, parallel to our bisecting line, that extend across the chart from both points B and C - you have created a "three-tined pitchfork." A similar plot, using the next opposite trend, creates a second pitchfork pointing in the opposite trend direction. These form the "upward and downward pitchforks" alluded to.

These six "pitchfork tines" will intersect, and it is my understanding additional parallel lines may be added, thus extending the number of intersections. It is argued that the market will be drawn towards intersections. That was the obvious case using my LB interest-rate chart.

Ciao, Ted

Now a word from our sponsor (via email):

<QUOTE>
PS: tell ground zero as well

Keep an eye on Yasuda bank of Japan. they are a key pin in the Japan
debacle. They should be close to going under.
Japans ministry has been rounding up names of short sellers in japans markets. Though not illegal they want to closely monitor all activities here. Any rumors out of these people may result in a quick exit paid for compliments of the Japan government.
Another free economy at work:-)
The past few days tell GZ if he checks he will find that The Bank of Tokyo- Mitsubissishi the worlds largest band has stepped up its cash infusion to rescue Ashikaga Bank which is a regional bank there they have a diverse interest in. this bank is toast as well.
Talk to you later in the week if I can.
Don't belive all the sugar coated talk to much this week.
Just keep this in mind.
The Finance ministry figures show japans 10 largest banks has 10.1 trillion yen ( $78.7 billion US) in non-performing loans on their books as of March the most recent data released out of Japan. Most close to the situation feel that has escalated to closer to 100 billion.
Its not going away with a lot of cheer leading and back patting. <END EMAIL QUOTE>
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