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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Mark Konrad who wrote (36625)	9/27/2000 8:31:02 PM
From: BigWave Dave	Respond to of 57584

No fancy fib, or ewave counts, just simple trendlines, and support. The SPX is showing a major trend line already broken, and is now sitting on top of critical support at 1420. The last 90: pages.cthome.net And the last year: pages.cthome.net Now we are right back to SP 1421, where we bounced hard last Friday. A break here, and we could drop fast. (Or a real decent, news-driven bounce is possible.) Certainly the more time spent on this support, the worse the break-down. A million bpd, and several billion $ and ¥ thrown at the Euro last Friday didn’t change any fundamentals. Many see these government interventions not as “support” but as a sure sign of a bigger move for both oil and the Euro. OPEC is already nearly pumping at capacity, and our refineries are already running at full. There just wasn’t much exploration or drilling happening when oil was at $10/b. And while a strong Dollar may be good for our market, it is bad for the Euro, US earnings and our record account deficit. So a “bear” market isn’t out of the question. Disclaimer: I have NO preference to being either bullish, or bearish, but I am partial to being on the RIGHT side, as opposed to the WRONG side. I will be buying the break in either direction.