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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Eric Maggard who wrote (21002)	9/4/1998 4:10:00 AM
From: Doug R	Read Replies (1) \| Respond to of 79468

Eric, Somebody in DC must have seen my post about the technicals accelerating to the downside. Within 15 minutes our munificent treasury secretary Bobby Rubin was paraded in front of the media to announce that all is well with the economy and South, Central, and Latin America was really just fine. I think when the govt. pulls out their powers of "intervention" (read manipulation) like that when the market is about to crack bigtime...well, I won't finish that statement. BUT...there was still a bit of technical acceleration to the downside anyway. With 2 yrs. of recession in Mexico, Brazil in the middle of devaluation and Venezuela, Argentina, Columbia, etc. on the verge of devaluation I'd hate to see his definition of "troubled". AOLhistorical download data has a trading range of 342 points on the Dow yesterday but I see elsewhere that it was actually 199.28. The particular indicator I was monitoring at the time would have elicited a big ol' sell signal if the Dow closed somewhat into the lower half of the range. Robbie Rubin sure fixed the technicals alright but since it was a manufactured close, I'm inclined to lean toward that sell signal. 7,000 might be the next casualty. Doug R