Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: James Strauss who wrote (23916)	3/1/1999 11:41:00 AM
From: chartseer	Read Replies (1) \| Respond to of 50167

DJIA: I see the classic pattern BATMAN's HEAD forming! Double top! Then again what the heck do I know? Chartseer

To: James Strauss who wrote (23916)	3/1/1999 10:02:00 PM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Thanks James. I am watching a break of DTX and BKX, BKX nearly closed yesterday above 833 whereas my support is at 802.Due to these outside limits I establish myself and inside limits on NDX and composite like 1230 and 2280 I am able to scrap few trades without getting whipsawed. I was looking at the BKX very closely and the action was harbinger of the fact that a big break below 1228 was not coming atleast not yesterday. Market breadth has remained negative for quite a while as this has a been a 'cup winner's cup rally' only few stocks have performed well so far. I am not emphasising too much on breadth at the moment for simple reason, if market has not climed up based on breadth it will not fall either due to lack of breadth. If you notice Oct 98 lows on composite and NDX at 1310 and 1000, the corresponding low on SP99H were only 850 which was 1 year(Oct 97) low, whereas the leading stocks were testing two year lows at 1320. The breadth at that level was poor and breadth watchers or 'watchers of this high and low' were still predicting SP99H to 700 or 590 although composite within days took out 1800 on composite. For me those 98 Oct bounce and 97 Oct bounces are classic examples of lagging nature of these indicators. I use them only with your original tools of MA's and trend lines.. On DTX I have this point 311 and a close below it will lead to some serious erosion, until than a close above 1935 on NDX I am sure will take sp99h to breach that 1246 resistance. I was satisfied to see that 1228 test in the first hour on SP99H held on well.Thanks a lot.. Love and regards...Ike