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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Testy_Coles who wrote (3100)	8/4/1999 7:14:00 PM
From: Sir Francis Drake	Read Replies (1) \| Respond to of 10027

Testy, my requirements for a capitulation were 1)volume of 8mil or more 2)substantial decline (measured from open to intraday low) 3)close above intraday low 4)intraday low close to an important support level. I'd say that Tuesday's action gave us at least 3 out of 4. The 4th requirement was intraday low close to major support level. At this point, on DMA basis 32 was an important support level - was 35 close enough? Maybe not quite, so I'm not granting #4. Still, 3 out of 4 is good enough for me. Further, I looked to today's action for confirmation. The fact that we closed positive on good volume in a negative market seems like a confirmation. Where does that leave us? Capitulation doesn't necessarily mean reversal - see my post on "capitulation" to Murli (post #3098). I personally think we'll be range bound - and no surprise here, everything will depend on the broad market (see my post #3090). Morgan