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

To: Alski who wrote (22233)	10/20/1998 10:27:00 PM
From: Magnatizer	Respond to of 79230

Alski not sure. It is interesting. Though I doubt a market crash is going to occur now. It is likely we will get some base/decline movement in the market for the rest of the week. Dow hit a neutral zone today at +95, this will likely be the axis for the market for a little while (as in 5 days or so) then a range looks to develop. I will be a buyer on the next dip to the low 8000s, IF we get it. Another note on rabbits, the technical background of rabbits is such that only stocks which have been relatively flat to up for a while will get hits. Those which have fallen steadily and only recently began to turn up will be a while til they are rabbits. ht david

To: Alski who wrote (22233)	10/20/1998 10:45:00 PM
From: Magnatizer	Read Replies (1) \| Respond to of 79230

Market Magnets Monday Tuesday Wednesday Thursday Friday DOW 30 Close 8417 8467 8506 day prior Monday Friday (if sloped) 7425 -992 -1042 -1081 7425 7425 7458 -959 -1009 -1048 7458 7458 7583 7510 -834 -902 -960 7528 7510 7591 -826 -876 -915 7591 7591 7610 7621 -807 -854 -891 7618 7621 7765 7670 -652 -725 -789 7694 7670 7724 -693 -743 -782 7724 7724 7765 7670 -652 -725 -789 7694 7670 7933 -484 -534 -573 7933 7933 8040 8059 -377 -422 -457 8054 8059 8143 -274 -324 -364 8143 8143 8352 -65 -115 -154 8352 8352 8561 144 95 55 8561 8561 8770 353 304 264 8770 8770 8814 8835 397 353 319 8830 8835 8842 8862 425 381 346 8857 8862 8961 8980 544 499 465 8975 8980 Nasdaq Close 1621 1649 1639 day prior Monday Friday 1397 1399 -224 -251 -241 1399 1399 1446 1443 -175 -203 -195 1444 1443 1478 -143 -171 -161 1478 1478 1528 -93 -121 -111 1528 1528 1550 -71 -99 -89 1550 1550 1605 1593 -16 -47 -40 1596 1593 1622 1 -27 -17 1622 1622 1633 1625 12 -18 -10 1627 1625 1690 1665 69 35 39 1671 1665 1694 73 45 55 1694 1694 1766 145 117 1766 1766 1766 1783 162 134 144 1766 1783 1846 225 197 207 207 1846 SP500 Close 1056 1062 1064 day prior Monday Friday 981 -75 -81 -83 981 981 984 971 -72 -81 -87 974 971 996 989 -60 -68 -72 991 989 1006 -51 -57 -59 1006 1006 1015 1018 -41 -46 -48 1017 1018 1030 -26 -32 -34 1030 1030 1037 1039 -19 -25 -26 1039 1039 1042 -15 -20 -22 1042 1042 1054 -2 -8 -10 1054 1054 1054 1057 -2 -7 -9 1056 1057 1079 23 17 15 1079 1079 1103 47 41 39 1103 1103 1128 72 66 64 1128 1128 1141 85 79 77 1141 1141 1155 99 93 91 1155 1155 Notes today: Dow stopped by neutral zone at 8561. Like for it to be the axis of a range we will be entering. I will buy dips below and sell runs above it. Looking for 8040 uptrend to be bottom of range. If broken decisively upper 7600s become my target. I still consider the market as broken out of downtrend if the 7600 area holds. Though I doubt it will be tested Nasdaq: hit downtrend overhead today and was repelled. Would like to see it break the downtrend at 1690 this week but does not look likely. Technical picture still forming on Nas. A couple of important magnet trendline crossovers coming in the next three months. First one in second week of Dec. Then the second week of Jan. Could send the year out with a bang. SP500: Looks good. Expecting a slight base/decline to the 1030 area over the coming week or so. good trendline support is much closer than trendline overhead. This is good. I am going to buy the dips. If the three uptrends 1015, 1037 and 1054 are taken out the magnet trendline at 996 (downtrend) becomes my target for optimal buy. Will have to track it to insure that is still the case in the coming week or so. ht david anyone notice some good y over y earnings coming in? I have not done a whole lot of earnings watch as I usually wait for 3-4 weeks into the season but from what I have seen this economy is still moving upward.