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  • b_zerkley b_zerkley Aug 13, 1999 4:10 PM Flag

    August comparative chart

    Dow up 180 or so, nasdaq 3+ %, ODP up 1/8 on low volume. What's your TA say about that?

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    • thanks for asking, but I'm really not all that are some things I see:

      ODP made a "doji
      star" which could be the reversal sign, or may not
      be....candlesticks recommend to not trade on a "doji star", but to
      wait for confirmation....I notice, too, that while we
      did "gap up" a little bit, we stopped right about on
      the ceiling line....(the upper trend line....or, the
      line connecting the "lower highs" of the past
      weeks....what ever that line is called).......

      I'd like
      to see the stock break thru that line before I
      called "bottom".....on the other hand, if we have a down
      day monday ( or couple down days)and break to the
      downside, I'd say there is more downtrend

      we need some confirmation.....

      the 20/50 day
      moving averages have crossed negative on the dow and
      s&p, but I notice that the 13 day and the shorter 9
      day averages have moved upward, and the dow CLOSED
      above both the 20 and 50....(barely, but I think it
      counts)......the transports showed some improvement, but still
      look pretty bad.....

      I think we need some
      confirmation of direction on the general market,

      no clear signals tonight.....and probably won't have
      any at least till the Cee Pee Eye....(or is it the
      Pee Pee Eye)comes out......

      on the good side,
      if we don't get a rate hike, or if the report is
      good and they PERCIEVE that we won't get a rate hike,
      I think the market (and ODP) will rally and this
      will prove to have been the bottom.......

      converse if the news is bad.....

      sorry I couldn't
      be more help....

      good luck

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