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Strategies & Market Trends : Why the markets will continue higher...
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To: Chip McVickar who wrote (634)2/6/1998 10:18:00 PM
From: bobby beara  Read Replies (1) of 745
 
Hi GZ (oops I meant to post to GZ sorry), I think your right. We are at the same overbought reading on the McClelland Oscillator (been there for three days now) that we were at on Oct. 8th, Dec 8th, Jan 5th, however this time is different -g-, we've broken to new highs convincingly on the S&P and people who are shorting this rally I think are going to run for the hills when Dow breaks 8300 (if it does on Monday). Some TA people say that extremely overbought conditions during a breakout phase can really make for powerful rallies - maybe because so many people have used this or other overbought indicators one too many times to short.

We also had minor change readings on the Oscillator Wed & Thursday, which means a major move in the market averages within 2-4 trading days. Add in the Good feelings from the Winter Olympics and I wish I would of held onto my calls today =|:-)

bwdik bobby beara
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