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Strategies & Market Trends : Point and Figure Charting

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To: James Strauss who wrote (8757)	10/17/1998 5:26:00 PM
From: Judy	Read Replies (1) of 34811

Jim, the market is at a pivotal juncture that we all awaited, a HARD test of DOW resistance at 8100-8200. Whether this will be successful in the sense the market has been shoved into a new trading range remains to be seen ... fundamentals and market sentiment will determine that. Clearly the sentiment has reversed with the rate cut, but fundamentals have not yet changed. Greenie is doing a fine job ... he has bought time for the market's PE to contract in a controlled manner to resolve divergence with fundamentals. SI was all doom and gloom a week ago, expecting DOW 7400 to be severely penetrated to the downside. Now with the surprise rate cut and the subsequent market action on Thursday and Friday, SI is booming with anticipation the market could exceed previous highs, the market seldom obliges the masses. It would be prudent to follow the technicals, most everything else is idle chatter and emotions in this market.

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