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

To: Electric who wrote (17686)	11/12/1998 12:48:00 AM
From: dennis michael patterson	Respond to of 42787

I saw EF as I was getting on the plane in Chicago to go to San Diego. Here is Favors tonight: Jerry Favors Analysis Wednesday November 11 8 pm At the highs this morning the Dow was up as much a 72 points,reaching a high of 8936.07 . The Dow then sold off to a low of of 8792.66 ,at which the Dow was actually down 71 points. We closed down 41.45 points for the day.No real changes tonight. We believe the Dow could still begin a brief rally at almost anytime. That rally may not last very long,that is no more than a day or two,but it could well prove strong enough to hold the Dow up for a few days.That would be enough to reignight bullish enhthusiasm enough to create a more important top. For now we will accept no more than a short term commitment to the long or short side. If the Dow rallies above 8937 on a print basis tomorrow the odds will favor higher prices,at least short term. Any decline below 8792.66 on a print basis will signal lower prices short term. Our position remains basically unchanged.Short term we remain bearish for this time frame. But we must allow for some further rally very short term before the top due in this time frame is in and we turn dramaticaly lower. We are not yet convinced the top due in this time frame is in quite yet. If 8937 is exceeded tomorrow it will signal higher prices,at least very short term. We remain bearish in this time frame but we cannot dismiss the possibility of a brief 1 to 3 day rally that could take the Dow up high enough to convince most investors that the Dow is going to new highs. We wish we could be more definative here and tell you the high for this rally has been seen. However we cannot be sure of that just yet. When we are sure we will tell you so.