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Strategies & Market Trends : The Millennium Crash
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To: Haim R. Branisteanu who wrote (3700)10/23/1998 5:11:00 PM
From: Thomas C (Hijacked)  Read Replies (1) of 5676
 
I think it is kind of funny how on the first .25 cut by the Fed the market dropped big, but on the second cut the market rose like a rocket. That is a total contradiction. No one is talking about that.

My technical analysis of the past few months shows that we are in a rising wedge formation. And to all the folks who have been claiming that we are in a new bull market now ought to study technical analysis. A rising wedge such as we have now dispells the bull market talk, it confirms that this is a bear rally. Rising wedges indicate that the primary trend is still down and show a trend which is growing progressively weaker.

Plus I think it is characteristic of rising wedges for prices to rise clear to the apex and even go a short distance beyond pushing out on top in a last gasp rally before collapsing. The last 12 or so days of market action seem to confirm this aspect.

And to the interest rate discussion on here:

pei-intl.com

And one other technical observation I make:

Message 6137828

Tom
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