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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.90

+0.9%

Nov 18 4:00 PM EST

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To: bobby beara who wrote (10773)	4/27/1998 2:01:00 PM
From: Giraffe	Read Replies (1) of 116762

Interesting exercise for anyone using Telescan. Call up the TWENTY year chart of the NYSE (NYA). Go to chart mode and hit the LSQ (Least Squares) button to draw the median price line. Here's where it gets interesting - normally to find the trading channel you find the furthest deviations above and below the LSQ, click on those points and draw parallel lines to the LSQ. Markets have a strong tendency to turn at these lines. The highest upper deviation point in the last 20 years was August 87 - and when you draw the parallel line from that point it passes right through the highs of April 98. In fact this is the first time since August 87 that the deviation from the LSQ has approached this channel line. History never repeats itself exactly - if it did we'd see a roughly 30-35% drop within the next two months - but its certainly one more confirmation (yeah I know as if we need another confirmation) that the equities market will be changing direction.

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