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Strategies & Market Trends : Earth Shaker's Salt, Pepper and Most Precious Treasures -- Ignore unavailable to you. Want to Upgrade?

To: Walk Softly who wrote (61)	8/23/1998 11:39:00 AM
From: Walk Softly	Read Replies (1) \| Respond to of 69

Here's some feedback sent to Briefing.com....... Dear Briefing.com, concerning this comment... "Close Dow -77.76 at 8533.65, Nasdaq -34.82 at 1797.63, S&P -10.36 at 1081.24: Our contention earlier that the market looked poised to finish the day on a weak note couldn't have been more wrong... " To avoid this mistake in the future may I suggest the technical analysis program AIQ.... (I am not a rep for them only a user of their incredible product).... By running a DJIA analysis at regular intervals it amazingly indicates where support and reversals should occur.... At Fridays lows, I knew a strong reversal was in the offing by using this program.... The 8300-8400 reversal area has been tested and retested over the past 3 weeks..... this does not guarantee we will hold here but the likelihood that 8300 will hold increases with each re-test..... Coincidentally, 8300-8400 also represents 1) the re-test area of the breakout point from August 1997 highs..... 2) the 200 day moving average support area.... and.. 3) the the lower trendline support area of the trading channel defining this market (on a log graph, constant percentage change over time) since 1994....... Add to this a "three week" volume record at a reversal point.... one day retail/public capitulation reversals are a thing of the past (1987) as a function of the PC explosion & the internet info highway..... these two items have armed the army of retail traders with the same info as the big professional houses (AIQ for instance).... therefore, a retail panic is less likely....... Add to this commodity/wage deflation, interest rates headed toward 4 1/2% money in flows and the markets are the only game in town.... a whole host of other criteria suggest bottom here.... record low put/call ratios... bear analysts outnumbering bull analysts 10:1 my stats based on CNBC appearances and "Market Consensus" surveys... Without a catastrophic event.... we won't see 7,600.... with a catastrophic event we'll see 7600 in about 3 days.... Look for DJIA to break 9300 highs sometime in November....... then off to 10,000+ Craig