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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Sonki who wrote (19177)	8/7/1998 8:24:00 AM
From: SE	Read Replies (1) \| Respond to of 50167

I took a closer look at the chart and the channel lines. The channel lines appear to maybe not have been violated at $45 with the top at $55. I assume I am using correct terminology, but if not, what I mean is the two parallel lines that connect the highs and the lows on the top and bottom of the chart. I also used a logrithmic chart which has a different result than an arithmatic chart. For those that might not know the arithmatic chart has the same distance between $40 and $45 as between $45 and $50. A logrithmic chart does not as the move from $40 to $45 is a different percentage move than the move from $45 to $50. Anyway, it appears the trendline within the channels was broken, but since the channel was not broken the direction may still be up. I have been burned not respecting a broken trendline and a pullback, so I stepped aside. I see strong support at $40, but question whether or not it will get there again. We shall see. This was more of a defensive move on my part. I respect Iqbal greatly for his wisdom and ability to see the market .... but right now I am not liking what I see from the broad sector and decided to preserve a 40% in a three to four month time frame. Good Luck. -Scott