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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: William H Huebl who wrote (42908)	8/10/1999 9:15:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 94695

Bill, many call for an upside reversal here - it's surely possible due to the market still being oversold, but i have just gone through a bevy of 10-day, 5-min. bar charts of the indices and the stocks i watch and things look not so certain and cast in stone to me. on the SPX e.g. we have a symmetrical triangle that initially broke to the downside today and late in the session a run-up back to the apex began. it could easily reverse from there again. the daily charts look somewhat more encouraging with major supports once again holding today. the question is imo, was today a sign of exhaustion of the downside potential, or was it merely a mirage of hope for the bulls? regards, hb