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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (20926)	10/17/1998 4:49:00 PM
From: James Strauss	Read Replies (1) of 50167

McClellan Summation Index... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Ike: The Summation Index is a good trend follower... It's generally a week to two weeks behind the major index trends... So, it gives its signals when a major trend is already under way... It recently turned up... This reflects price and volume activity over time... I'm now looking for the index to break above an imaginary downward sloping trendline that connects the previous peaks (4/27, 7/27, 10/23) on the way down... That would give us a successful reverse head and shoulders and trendline breakout... Usually a good confirmation of a rising market... If it bounces off that trendline to the downside we should test the Dow 7400 area again... Also, major market turns are against the backdrop of disbelief... Many of us, including me, are fighting the fact that we may have bottomed... But the Tape and the FED are saying otherwise... A perfect environment for a turnaround... The McClellan Summation Index downward sloping trendline will be the key to the market reversal or retest of the previous lows... decisionpoint.com Jim

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