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Strategies & Market Trends : Waiting for the big Kahuna
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To: Chip McVickar who wrote (37955)3/5/1999 7:57:00 AM
From: bearshark  Read Replies (1) of 94695
 
Chip: I agree with what you are saying. Yesterday's move was a mess. There was too much of a concentration in the INDU stocks. If that continues, it may indicate a trading pattern by large funds in INDU stocks. I took a better look at the triangle on the INDU and the top looks like 9570 or so. I have to print the thing out and give it a good look. I think we may be within a week of a resolution to this 6-week pattern.

However, Asia had a very good day today. I have not looked at any of the foreign markets as I write this so it is very possible that Europe is doing well today--I don't know yet. We need to see heavy volume today to continue a valid up-move. That would indicate small money is still interested.

My bias for the market is to the upside. As you say, something significant is needed to drive us through the support of the inverted H&Ss on the INDU and TRAN.

Of course, I am only guessing and trying to understand what is going on. I just hope I am fortunate enough to time the eventual breakout.
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