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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: qu168 who wrote (32555)	11/9/1999 2:39:00 AM
From: Doug R	Read Replies (7) \| Respond to of 79210

Q, PETM: The target of 8 was more than verified last week. I'm considering 11+ based on the entire chart. Today's activity is.....one day. Now, measure the entire chart against any one day. One day does not nearly measure up against years of chart activity....unless of course the one day is a 120 million share day and closes down. Sorry, I have to diverge and make a msft observation here. If msft had a 120 million share day and closed UP...that would be a huge sign of ACCUMULATION...period. Well...msft had a 120 million share day and closed....DOWN...that would be a huge sign of distribution. Has msft EVER had a 120 million share day before?????? Even though all the talking heads spouted positive "thoughts" about the supposed lack of selloff....the fact remains. Just as msft won't be a one day wonder of a short...PETM will not be a one day wonder of a long. The dynamic for both is already apparent. msft down...petm up. MSTG: my chart on it projected 5 1/4 to 5 3/4 as a low area where it would still retain an upside bias. It got to 5 13/16. One thing I try to stress in the seminars is to allow for some discounting of any technical target. It appears that MSTG's technically projected low was discounted by the general community and has established an anchor for a good uptrend acceleration. I'd give it 1/4 point down from today's close as an optimal entry point now. Of course, it's rarely a good idea to think you will always (or even sometimes) get an optimal entry. Doug R