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To: Shack who wrote (81005)9/10/2003 11:21:22 AM
From: ajtj99  Read Replies (2) | Respond to of 209892
 
Yeah, the BKX sure can keep us guessing here. The 60-minute chart looks like a H&S ready to bust through the neckline. The Daily chart looks like an "e" triangle ready to bounce off support near the lower BB at 859:

stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G

Add in the MACD ready to turn down below zero on the daily and you certainly have a chart that's set up to potentially make fools out of bulls or bears.

Here's what could be an a-b-c-d-e triangle on the BKX 60-minute, but it could also be a complex H&S top:

stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G



To: Shack who wrote (81005)9/10/2003 11:23:46 AM
From: The Freep  Read Replies (3) | Respond to of 209892
 
Boy, Shack, I gotta know -- is there anything, anywhere you see as bearish? I can't ever recall seeing you so adamant in one direction.

FWIW, here's a couple minor bearish or potentially things for moi.

AFFX. broke out of what everyone here agreed was a very bullish formation, and now may be backtesting it... but it's a very strong backtest that needs to reverse or could be failure. (No AFFX isn't the market.). What of MMM flopping through its 50 dma for the first time in months? BAC in a serious downtrend? AMGN, despite the bio rampage, has done diddly. DNA, which jj had as a bullish pattern yesterday, has fallen hard.

I guess timeframe becomes key here. You'd say we're still pointed up, but this might be a bigger correction? Or are you thinking it's done today or so, and off we go?

the freep



To: Shack who wrote (81005)9/10/2003 7:58:20 PM
From: jjstingray  Read Replies (2) | Respond to of 209892
 
Shackster, just landed in Hawaii and found internet access. What a day to miss. Markets got clobbered, but our JNJ did great. Good call buddy, keep me in that one. I loved the chart you put up, looks very good.

I will review everyones posts, but what is your thoughts here. I do not think being down 50 fits in with any of my 3 of 5 scenarios unless we started the 4 of 5.