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

To: space cadet who wrote (17455)	8/4/1998 2:25:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 68949

Hi. I'll respond later but I just saw this which means there will be a lot of kicking to close above 8627.93. So, yes there could be a short-term bounce. Clint Ralph Acampora says...: today's market woes seem to have started after Prudential Securities' technical analyst Ralph Acampora said that the Dow Jones average could experience 15-20% correction from recent record highs; he thinks that if the Dow closes below its June 1998 closing low of 8627.93, the Dow could drop as much as 20% from this year's high; a 15% decline would bring the Dow to 7937, while 20% drop would leave the index at 7470.....

To: space cadet who wrote (17455)	8/4/1998 10:14:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 68949

Hello Space Cadet. I really don't know what indicators Acampora uses but he certainly needs to change the "time-constant" on his indicators. Don't you think so? I would have been a fan of his if he had turned bearish two weeks ago instead of today. Even if he had turned bearish last Friday when we sold off after a strong Thurs. close & clearly violated one important indicator, "follow-thru", he would have received more respect from me. I think the guy is confused and will hopefully loose his credibility on WS. Nevertheless, in a nervous market of ours he was still able to cause panic selling. >>>We seem to be losing 100 points a day....Actually I think this is much worse than if the bottom just fell out and we had a 700 point down day. Then the air would be cleared and buyers would return. I like to see both. I like to see small/medium size drops like we have had in the last two weeks followed by a couple of days of panic selling. What I like about a deep waterfall drop is that it establishes a low mark that you can watch as days go by, especially if we rally from those lows. It is also a good "evidence gathering day" as you watch true leaders hold up best and rally from intraday lows. I know you'll be out of commission for a while but I am going to play a gap-down tomorrow. Clint