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Strategies & Market Trends : Why the markets will continue higher...
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To: GROUND ZERO™ who wrote (450)1/10/1998 7:59:00 AM
From: bearshark  Read Replies (2) of 745
 
Hi GZ:

I believe we are in total agreement now about the markets. However, I am concerned because nearly everything is going according to plan. I thought the bulls woud make a show of it though in the first week of January and then fail. I guess last Monday was as much as they could muster.

If this is the first leg down in a bear market, which everything says it is, then it should end between 6500 and 7000 before we rally up above 7000.

The action of yesterday was very negative--not unlike the fall on October 27th. I would not be surprised to see a quick upturn that may prove fairly large--150 points. However, that should fail.

The real test is at about 7250--I will call it the "iron trendline." (The October fall popped off of it when the trendline was at 7000.) This thing has not been penetrated and it has been rising with the market since November of 1994. Once this trendline has been penetrated with some force, I will be convinced we are in a bear market in the DJI.
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