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Strategies & Market Trends : Z Best Place to Talk Stocks

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To: DanZ who wrote (14811)	6/16/1998 12:57:00 PM
From: James Strauss	Read Replies (1) of 53068

McClellan Summation Index... Dan: Readings between -500 and -1000 have been associated with market bottoms when confirmed by Dow and S&P turnarounds... But, just like a price support area in any chart, there is potential for a breaking of support... When this happens, a lower level of support is sought... With the McClellan Summation Index, a break below this -1000 support level indicates a market that will continue to go lower until it finds a new support area... That's why the next few days of the Summation Index activity should give us a clue as to where the market is heading... On the negative side, we haven't had blowoff selling with big volume... Instead we've had a drip drip drip of lower prices each day on moderate volume... This means that there is not yet enough fear out there that usually brings about the panic selling at the bottom of a correction... We don't seem to be there yet... The only positive is the relatively lower interest rates... We usually don't have a BEAR market when rates are low... This is somewhat counterbalanced by Japan's Currency and Banking crisis that could have global implications... This is the challenge in investing... The rules are always changing... My bet is a continuation of the correction up to 10% more on the downside... Then we turn around to challenge the 9200 to 9400 area... Jim

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