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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Jerry Olson who wrote (5660)10/7/1998 1:12:00 PM
From: Tom Trader  Read Replies (2) of 44573
 
OJ re >>The NYSEBP, when it turns down IS negative, BUT TT not from these levels...what I mean is we are SO low on the indicators, it becomes a bullish outlook... it reversed down from 30% to 24%...if we hold and reverse UP, the we become BULL CONFIRMED, which means buy NOW!!!<<

I read the Dorsey post re the above from one of lisa's posts and I don't think that he is saying the same thing that you are.

The way I interpreted what he said is that the reversal is short-term bearish but after it goes down to where ever and then reverses up and gives another buy signal it would be very bullish--but that signalmay well come from much lower price levels. Now that makes a lot of sense to me.

As I posted before there are some very positive signs for this market --esp the level of insider buying but this like Dorsey's indicator may be premature. For example his sell signal earlier this summer was early by a few weeks. There are other indicators that argue for lower prices -- market internals and specialist/member short sales.

So what I am saying is that we are likely to see lower prices before a reasonably stable bottom is in place.

BTW, I don't follow the P&F thread closely--so my interpretation of what TD said may well be off the mark.
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