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To: Snowshoe who wrote (27109)8/5/1998 2:46:00 PM
From: Thomas M.  Read Replies (1) | Respond to of 95453
 
If you look here rgdoczzz.home.texas.net , the next support level for the OSX is in the mid-50's (the level tested in March, June, and August 1996).

The OSX declined 55 points from its October peak, and then proceeded to rally modestly earlier this year. This "flag" allows us to measure a target for this second decline. The OSX broke down out of the flag at about 112, projecting a 55 point decline, to 57.

So, these two basic charting principles give us an idea where the next bounce might come - the mid 50's.

Tom



To: Snowshoe who wrote (27109)8/5/1998 5:19:00 PM
From: Crimson Ghost  Respond to of 95453
 
OSX is a relatively new index. Major oil service stocks still way above early 1990s. SLB was then trading for around 25 and HAL in the teens.

I did not particularly like the OSX action today despite modest late bounce. Still much weaker than the Dow. Dow up around 1% and OSX off 3.5%. When these numbers reverse a decent rally will be in the offing. Should see this very soon.


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