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

To: Johnny Canuck who wrote (38032)	8/16/2002 1:31:11 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71051

[madtrader] Thu Aug 15, 5:53pm PDT Market The sharp rise yesterday coupled with a nice little congestion we got today is setting up a bunch of bull flags on intraday charts. Of course, this patterns won't do you much good unless we can breakout further. Of the major averages, only NASDAQ is still below it's late July high. Both DJI, OEX and SPX have done their follow through confirmation trades in the last few days. If and when NASDAQ can join in the breakout, I believe it can get to 1450 range, which is the 162% Fibonacci level of the low and late July high. For DJI, that would be around 9500-9600. SPX will probably see 995 in the process. none. [madtrader] Thu Aug 15, 5:48pm PDT $TYX.X Caught some talking head on CNBC talking about TYX (30 year bond yield) going down to 2% level. I do know that long term average for 30 year paper is closer to 3% than the 6-7% range we have seen in the last few years. Not to mention the crazy period in the early 80s that saw double digit yields. But 2%? Not impossible, just kind of struck me as some bond bull getting high on the recent bond market rally (I believe it's a blow off top). That's the same kind of hubris stock bulls had back in early 2000. DOW 36000, NASDAQ 10000, etc. With this kind of mind set out there, I believe we will see a sharp correction in bonds, driving money back in to stocks for a nice rally. none