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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (16646)	10/15/1998 3:57:00 PM
From: Judy	Read Replies (1) \| Respond to of 42787

Wow, turning point is today. Let's see what Favors and other tech gurus say tonight. Dennis, this is what I call a HARD test of market resistance. Feds, thanks.

To: Chris who wrote (16646)	10/16/1998 10:31:00 PM
From: Jan Robert Wolansky	Read Replies (6) \| Respond to of 42787

Hi Chris, there's been alot of talk on SI since yesterday that the breakout yesterday and followthrough today is the beginning of a move up. In looking at the market with GET, I'm not so sure, and would be interested in your view. Take the S&P daily chart, for example. In GET, using the TJ ellipse with the 7/20 P pivot and the J pivot on Sept 1 gives me an ellipse slightly above where we closed today. On the Dow daily chart, we are higher than what the ellipse suggests, but exactly at the ellipse on the weekly chart (7/24 and 9/4 pivots). Yesterday we had an unusual combination of an unexpected rate cut combined with pre-expiration action in which the MM's were bulling up the market to reduce the value of puts coming back to them today. I believe that much of the jump during the last hour was short covering by short-term traders caught by Greenspan. The NASDAQ looks just as sick as usual--no breakout there. In summary, I would not be surprised to see a resumption of the bear next week. After all, we are in October--historically one of the most dangerous months for bulls! What's your read on the market? Comments from others on the thread invited.