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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: David A. Stern who wrote (18168)	10/27/1998 3:01:00 PM
From: Clint E.	Respond to of 70275

>>>Clint, looks like the market is moving in your favor. How did you come up with the 8300 target for the DJIA? 8299 was the close on 10/15/98, the day of the surprise rate cut. I felt that it would be OK to see the market go back to 8299 but not below it since the 300 point rise to 8300 on that day was due to the Fed's surprise rate cut and therefore if the effect of that rate cut was to continue reverberating through this market and push us higher than ~8700, we better keep those 300 points. If we go below it, I feel that we have already seen the TOP of our trading range(~8700) which means (as I said last Friday) in that case, it is the end of our uptrend. In that case, we would search for the bottom of our trading range which would probably be 8100. Clint