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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: y2kate who wrote (27029)	6/16/2000 3:29:00 AM
From: Johnny Canuck	Respond to of 68228

Hi Kate, The chart of the COMPX is only a reflection of the indescision of the market participants. A horizontal line indicates usually the market is waiting for some thing. In this case we rallied in later May and then reached a level where buyers and sellers were equal in number. Looking at the individual stocks of the composite you will see the same kind of consolidation pattern after the rally. COMPX 207.61.23.98 As a result to tell direction you need to look at other composite indices. Which ones you think are most significant are up for debate and you will get a different answer from different people. Normally the Dow Utilities is a good indicator of interest rates 6 to 9 months down the road. In this case, the chart indicates the same level of indescision as the COMPX. 207.61.23.98 By DOW theory, the move in the Dow Utilities index and the DOW need to be confirmed by a new local high in the Dow Transportation index. In this case we see the DJTA in a down trend. 207.61.23.98 Bottom line is that the market players are as confused and bewildered as the rest of us. A better picture of market sentiment will emerge after expiration of options tomorrow.