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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: Alski who wrote (28575)4/17/1999 2:28:00 AM
From: Doug R  Read Replies (3) of 79214
 
Sheesh...Alski,

One more chapter:

I had also referred to the "unique" activity in the 2, 1, 2 stochastics on the Dow. Further examination of that particular activity has led me to the conclusion that a state of correctionable overbought has been reached. There was a sustained period of 2, 1, 2 weakness. 17 days. The Dow VERY RARELY brings the 2, 1, 2 up to a value of 100. If you go back and review price activity following 2, 1, 2 hits on 100, you'll see that a selloff always follows. Put the 17 days of weakness together with a double bang to 100 and there's really only one statistical conclusion.
It's also interesting that the Dow put together 2 back to back weeks of 3%+ gains.
Then there's some DeMarkian sequential stuff happening on the Dow as well.
Short plays will be more certain upon failed attempts to recover broken uptrend lines.
Since the future is not here yet, all I can do is start the next statement with an IF.
IF a correction occurs, remember to SERIOUSLY look for those stocks that either do not break below their last significant uptrend line or recover their uptrend right away.

Ok...that's it...I'm off to do some chart surfing.
There's likely to be close to 2 more good weeks of trading long left before technical signals start failing all over the place so I'm still going after the few long plays that are left.
FLYR is the best I've looked at...out of a couple hundred. There's a ton more than a couple hundred out there but I can only go with what I've looked at.

Doug R
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