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

To: Grandk who wrote (32848)	11/30/1999 3:03:00 AM
From: Doug R	Read Replies (4) \| Respond to of 79208

J, I was just talking about these gaps with milesov last night. It's somewhat slightly early to say for certain yet but it appears that just as the market turned up in October with a gazillion island bottoms, it's set up to (but not verified yet) turn back down on a gazillion island tops. Naz should go back to just under 3,000 whenever it turns but that really won't be too much to worry about as far as the mechanics of the long term bull market is concerned. Just one of those corrections again. Doug R

To: Grandk who wrote (32848)	12/5/1999 4:37:00 PM
From: Doug R	Respond to of 79208

J, Back to your question about those gaps up all over the place. I had said, "...it's set up to (but not verified yet) turn back down...". The reason for waiting for verification rolled in on Fri. A good chart as an example would be LGND (or a ton of others)...gapped up on Mon...threatened a pullback with the possibility of leaving an island top...turned back up to make the initial gap appear more like a breakaway gap instead of an island top. The possibility that all those gaps up may be breakaway gaps was the other side of the discussion I had with milesov. The island top scenario is looking less likely. I still expect the next significant top on the Dow will be 14,200. That would get the S&P up around 1750ish. The Naz...well, it's gone nutty so I won't even fathom an estimate on it. Doug R