Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Vitas who wrote (30451)	10/6/1998 2:38:00 PM
From: bearshark	Read Replies (3) of 94695

Vitas: We seem to be down to 30 to 50 stocks now trying to move the market. The weakness in the dollar disguised what I was looking at this morning so I threw it out quickly. I don't know if you looked at Gould's speed resistance lines. However, I have used one from 11/94 on the DJI. It has not been broken significantly yet but it rests now at about 7700. It held last October at 7000. Any serious breach of that on a closing basis would be significant in my book. Strangely enough, a short-term resistance line, held at 7700 in January of this year and was a factor in my turning bullish at that time. I also had a resistance line from January 1998 that when broken, the DJI gave way. You posted earlier on the summation index being at a very low level. I keep the 25-day moving sum of advance/declines on the NYSE and it exceeded -17,000 in September. That negative amount has been worked off. That bested the -12,000 numbers from late 1973 and about 11/87. Have you figured out why the summation index and this sum could go so low yet? Time to check the market.

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