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Strategies & Market Trends : Win Lose or Draw : Be A Steve, Make A Call -- Ignore unavailable to you. Want to Upgrade?

To: sun-tzu who wrote (3685)	2/24/2003 6:57:52 PM
From: mishedlo	Respond to of 11447

Well three of us are in and I am nuclear. Very close to getting rattled out last week and even today. M

To: sun-tzu who wrote (3685)	2/24/2003 10:24:19 PM
From: mishedlo	Read Replies (1) \| Respond to of 11447

Richard Russell from 2/24/03 comments: ... As far as the actual market action, here's what I'm looking at, and I don't know whether anyone else is. We've now got a dramatic non-confirmation situation between the Dow and the Transports. Today (and I'm writing this an hour after the opening of today's session) the D-J Transportation Average plunged below its February 13 low to a new low for the moves -- and it's lowest level since its October 10 low. In the meantime, the Dow is still quite a distance from confirming the weak action of the Transports. To confirm, the Dow would have to break below its own February 13 closing low of 7749.87. As I write, the Dow is 175 points above its February 13 low of 7749.87. So from a Dow Theory standpoint, the big question is whether the Dow will confirm the Transports or not. If the Dow does confirm the Transports by breaking below 7749.87, I would expect a substantially lower prices and a market "prediction" that we will soon be at war with Iraq. Conversely, if the Dow can hold stubbornly above 7749.87, I believe it will be the market's way of "saying" that the situation is less than dire. ... dowtheoryletters.com