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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: SE who wrote (10851)	12/22/1998 9:40:00 AM
From: Tom Trader	Read Replies (3) \| Respond to of 44573

Hi Scott I used to follow Eliades for a while in the 80s--he always makes for interesting reading. He often has these interesting comparisons and statistics when it comes to the market -- the only problem is that he has been consistently wrong in terms of the direction of this market through a good part of the 90s and if anyone followed his advice, they would have either missed out on this move or if they were short, would have lost a lot of money. The problem with patterns such as the one he mentioned, vis a vis 1929 is that there are probably other patterns that go the other way eg Fed rate cuts cause the market to go up x% over the next 12 months. I also recall him being on CNBC earlier this year suggesting dire prospects for the market with a decline to the 4000 level, I think, because some pattern had appeared that only appeared before huge declines. I mentioned to OJ yesterday that once my target is hit to take profits at the 50 point level, there is rarely more than 1% or so left in the move before the next sell signal -- but that would not be a sound basis to call for a top. I think what is significant is that we are seeing deteriorating internals -- GZ's system is still on a sell. The frothiness in the internuts also suggests that a top may be in the making.