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To: Christian Braboretz who wrote (4257)9/29/1998 3:16:00 PM
From: E. Graphs  Respond to of 4903
 
[OT]

Christian,

I looked at IBM just now and it has maybe 10 points on the downside, but 20 on the upside. The stock has shown a great respect for its 200day throughout this market correction, so that is strong support! I don't agree that we can call this a double top until it breaks down.....that's the problem with double tops... the guesswork.

Historically, have not found stochastics to be a reliable indicator for IBM (see Apr thru Jul/97 or Jul thru Dec/97)......

IMHO it looks like IBM will follow the general market direction. I target 150.

(but, I could be wrong! <g>)

Good Luck,

E



To: Christian Braboretz who wrote (4257)9/29/1998 3:46:00 PM
From: E. Graphs  Read Replies (2) | Respond to of 4903
 
[OT]

Christian,

One other thing on the general market. We've got a wedge on the Dow daily with resistance at 8125, broken just now, but then it did not become support......interesting that this point of resistance is relative to 132 resistance on IBM.

Dow needs to break and hold R8125 then R8275, or I think we'll move down and you'll probably get your short, at least to the 200day.

FWIW,

E


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