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Actually there have been a few lower opening gaps followed by huge rallies
recently: 1-31-00 and 4-17-00 are two good examples. I know many on the list
think he's evil, and I am no fan myself, but old Larry Williams has called a
similar pattern "oops" for years: gap down open, followed by a rally through
the opening range or the previous day's close. It's an easy pattern to code
and test: If open next bar < {whatever} and {whatever} then buy at
{whatever} stop;
Bill Wynne
Bill@xxxxxxxxxxxxxxx
>From: "david b. stanley" <davestan@xxxxxxxxxx>
>To: omega-list@xxxxxxxxxx
>Subject: 3-Headed Dragon
>Date: Thu, 03 Aug 2000 15:12:51 -0700
>
> I cannot recall the SP ever having gapped down 16 pts and
>then clearing the previous day's high and then holding on to it to
>boot. And by-the-way, isn't this August? What's up with the 30 pt.
>ranges?
>The three-headed Index Dragon appears to have awakened with a
>vengence never seen before, going from completely inverted to
>completely polarized.
> There have been lots of instances of penetrating the previous day's
>lows
>and then running out of gas but nothing I recall even remotely like
>this.
> I thought it would be an easy short after hitting yesterday's lows.
>Thank Goodness I never got a sell signal. The follow-thru after 2:30 EDT
>
>left me with my lower jaw hangin' as this old dog saw a new trick.
> Clyde Lee earned his upside breakout the hard way.
>
>still in shock,
>
>dbs
>
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