Beebs: ugh, what a day. Meetings all day. I had no time. Favors. Let me post it (I hope he no one reports me-- I can't do this every night). But a lot of people have signed up with him. I think this message is real interesting. I am still on the sidelines. The market looks tricky to me. I know the banks are crashing, but there are pockets of strength (e.g., AOL, GPS). I am uncertain.
Subject:
Nightly Update - Sept. 3, 1998
Date:
Thu, 03 Sep 1998 19:28:11 -0400
From:
<info@jerryfavors.com>
Reply-To:
jerryfavors@worldnet.att.net
To:
update@jerryfavors.com
Jerry Favors Analysis - Thursday, Sept. 3, 1998 8 p.m.
The Dow opened weak today and at the lows of the day the
Dow was down as much as 204 points. We bounced back to close
down 100.41. Tomorrow should be an important day for the
market,one way or the other. If the Dow holds above today's
intraday low and exceeds today's intraday high the 3-Day
Chart will turn up. If this occurs it would suggest somewhat
higher prices early next week and a probable move above 7953
on a print basis and 8036 intraday in the Dow. While we have
no actual projections calling for a rally this high,it would
not surprise us if that rally took the Dow up into the 8100
to 8200 area. Such a rally would be in keeping with
historical precedence for Bear Market rallies. Once that
rally peaked,probably next week,we would begin the next leg
down below 7400.
Alternatively,if the 3-Day Chart does not turn up
tomorrow we could test the 7400 area quite soon. If the Dow
breaks today's lows,especially the intraday low,the 3-Day
Chart could not turn up no matter where the Dow closes.
Today's print low was 7578.46. The intraday low is not
available as of this writing,but we will give it to you on
our 12:30 Update tomorrow.Any decline below 965 in the Sept.
S&P futures will suggest a probable decline below today's
lows in the Dow.
If the Dow breaks 7390 on a print basis and you are not
short we would reshort with a stop 1 point above this week's
high. Tomorrow should be a very important day.
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