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Strategies & Market Trends : The Millennium Crash

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To: Baywall who wrote (3142)	8/10/1998 1:36:00 PM
From: bobby beara	Read Replies (1) of 5676

LVL, The transports failed their uptrend line in mid July and I pointed that out on the Kahuna thread as a topping indicator. This bull has usually pulled itself out of capitulation bottoms pretty dramatically. If you consider the high volume 300 point drop last week a capitulation bottom, we should be making a lot more progress to the upside (only the speculative techs and internet are). However the put/call ratio was not in the 'fear' zone. the a/d continues to lag chinese yuan selling as much a 11% below spot on the black market and other currencies are under similar trouble. The footsy in London has broken it's neckline and perched on support. The nyse (and nyse a/d line) has broken the trendline from 96-1/98 lows and retraced and failed it Friday. The Dow failed retraced the Oct-Jan trendline which comes in @8700 and failed it friday. We either on breaking into a fairly bad bear market or this is another big giant bear trap and we are going to 12,000 and 1350 spx in short order. bb

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