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

To: Electric who wrote (17326)	11/3/1998 9:02:00 PM
From: dennis michael patterson	Read Replies (1) \| Respond to of 42787

Favors Jerry Favors Analysis Tuesday Nov 3 8 pm At the highs today the Dow was up as much as 38 points and at the lows the Dow was down as much as 28 points . We closed dead even for the day .Today's action in no way alters our postion that the Dow is near at least a short term high.Any decline below 8677 on a print basis in the Dow tomorrow will signal lower prices from here.Any rally above 8745 on a print basis will signal some further rally short term but again will not alter our position that we are near some sort of top,at least short term Our short term Gann daily charts strongly indicate that we are near some sort of short term high. The probability of a short term high in this time frame is almost as high as the probability of a short term low was near October 28 in our work. We know the Dow reached a short term low of 8628.71 on October 28 exactly.Those same short term cycles call for a high in this time frame. A decline below 8328 would now be a very bearish signal short term. For now we cannot rule out some further rally very short term,but it would not alter our position that we are near a top. Stock traders and mutual fund switchers we went short on the rally above 8743 on a print basis today. We want all subsciribers to use a stop now of any close above 8941 in the Dow. Short term option traders use a stop of 8745 on a print basis in the Dow. If the Dow rallies above that stop and then later falls below 8677 reshort with a stop 1 point above tomorrow's print high.