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Strategies & Market Trends : Waiting for the big Kahuna
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To: Terry Whitman who wrote (34815)12/2/1998 4:17:00 PM
From: Paul Shread  Read Replies (2) of 94695
 
Thanks, Terry and everyone else. The problem is that the Dow Theory is virtually worthless here (IMHO): we are so far from confirming a bullish (9374/3701) or bearish (7400/2400) trend that most of the movement will be made by the time we get there. Hence my focus on the averages' movements now, in response to a statement that we had begun a bear leg down, and I see the two averages not moving in tandem downward at the moment (primary movements have to begin somewhere). The Dow recently made a new high; the Transports have some time to confirm that; and I do not see the Dow's move below that high as significant because the market can go nowhere for months without violating the primary trend. Just my opinions based on my admittedly limited reading of the theory.

Paul
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