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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Monty Lenard who wrote (24925)	8/22/1998 8:40:00 PM
From: stan s.	Respond to of 94695

Hi Monty....no real disagreement here, so I won't pick nits for long. The thrust of my post was that Friday's action on the DOW had a positive feel, i.e. the bullish shadow. I was pointing out that IF one considered the formation to be a hanging man....(I don't)....it still wouldn't add much credence to the DOW's impending? demise....after a 450 point gain. These formations happen too frequently to be used in that milieu IMO. As for being a hammer.....in my estimation....close. As per your example, I see the wick as being 226 points and the real body as 67...give or take. Technically that's enough......depending on the source, 3x. My problem is the real body is just TOO large even given the proportion to wick et al. My experience, anecdotedly (a word?), is a smaller body is needed. Either way, I needn't have mentioned it since it was a small point. equis.com My own opinion of the DOW's chart, Monday aside, is some downside left on the short term chart....but a weekly chart that seems to indicate gathering strength....The key, in my estimation is a hold of the 8370 range on a closing basis. Failure to hold and you might see 7700. That admittedly cuts it close, with the DOW now at 8533. By the way, I don't follow or purchase DOW stocks, I simply view them in relation to other exchanges etc., so my opinion of the DOW's machinations is worth.............you got it. Best of luck, Stan