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Strategies & Market Trends : The Stock Market Bubble
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To: R Stevens who wrote (741)7/18/1998 2:49:00 PM
From: Les H  Read Replies (1) of 3339
 
This market thus far is not that different from early February of this year. Most of the averages were up over 10% in 2-4 weeks. Now, they're all at the upper trading band (of a rising 28-day moving average envelope) driving higher as in most early parts of bull runs. The lone exception being the small and midcap averages. The Russell 2000's RS plot (versus the Dow) is now at the same low as it was in January of this year. Plus, now the 17-day, 50-day, and 200-day moving averages have all hooked over from under the longer term average in the past 2 weeks. I also have a chart of the S&P Small Cap Growth Index in which all three moving averages are intersecting. This is usually a precursor to a strong upmove by the small cap stocks. We'll see. I haven't placed my bets on the small caps yet.
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