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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: Kirk © who wrote (8119)10/3/1998 5:22:00 PM
From: Wren  Read Replies (2) of 42834
 
In his opening remarks, BB said that the test of the lows that he indicated was needed happened. He said that the test to prove July31/Aug1 was the low had three parts:

That the averages trade near the lows but do not break thru

That there be significantly less volume on the test than when the low was set

That there be a reduction in new lows.

Both the DOW and Nasdaq traded near the lows.

The volume on both the DOW and Nasdaq was 25% or more lower on the test.

On 8-31 there were 1183 new lows and on 10-1 there were only 310.

He said this put in the 1998 lows and set the stage for a rally which could begin anytime.

BB also said there may be residual testing and probing this month.

He said that there had been about 56% bears during the past several weeks and that was also a sign of the bottom.
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