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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: TradeOfTheDay who wrote (13826)	8/4/1998 3:26:00 PM
From: dennis michael patterson	Read Replies (1) of 42787

Favors Update (3:15 pm). First, this is really complicated. I took copious notes. The following are quotes: ---------------------------------------------- We are at a critical juncture on the Gann quarterly. If it turns down, we will see significantly lower prices. But it has not turned down as of yet. If the DOW prints 8524 intradday, the Gann quarterly will turn down, and that will signal lower prices. The NYSE Cash index chart turned down, and that always turns down before the Gann quarterly. That does not mean the Gann Quarterly WILL turn down. Any deline in the SP casah below 1084 will signal the Dow to go below 8524. If 8524 is broken, next support is 8326 +- 30 points There is NO BUY SIGNAL on the hourly charts, and we will not give one until the signal is generated. That may be in the morning. We DO expect a rally short term, and we will short that rally. --------------------------------------------- Well, that's all he said. The close is critical. It looks like the mob psychology is that 8600 must hold. If it does, we get a pop. But what Favors is saying is clear: this market is going significantly lower.

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