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Strategies & Market Trends : Charts & Scans -- Ignore unavailable to you. Want to Upgrade?

To: Jeff Jordan who wrote (481)	7/22/2001 11:26:03 AM
From: robert b furman	Read Replies (2) \| Respond to of 5125

Hi Jeff, So mini wave #5 is ending with a corrective wave extension(may not be the correct terminology). It appears to be forming a descending wedge which often resolves in a bullish breakout.Wondering what could be the catalyst - certainly not earnings(at least so far). Any forward lookiing earnings due next week? Another inter- meeting interest rate cut(1/4 point is already assumed and 1/4 more is becoming more doable per the futures). One thing for sure.If there is going to be a credible pop up in this market(and interest rates suggest we're ready - the 2 year treasury note last week hit a low not seen since October 1998 - that strikes a familiar time period doesn't it),THEN 1600 has to be taken out,at least momentarily.It should look like it will be going to attack the April low of 1400,but suddenly reverse. If that scenario plays out, it will offer the last truly great value buys for years. We will then take off and not look back as the recent monetary lags take effect and the market psychology can get back to go old speculation and greed. I for one am getting tired of fear and value.hehehe Bob