Re: [CANSLIM] Ernie's Forecasts

From: "rolf hertenstein" <rolfh@mindspring.com>
Subject: Re: [CANSLIM] Ernie's Forecasts
Date: Thu, 29 Aug 2002 16:17:23 -0600

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While Ernie is calling for a turn low (short-term bottom),
and a general uptrend through September, IBD 
(which I buy in town once a week or so) today has a front page 
story about leaders breaking down and 3 distribution days in the
last two weeks spelling trouble for this latest rally.

It'll be edifying to watch what happens.

 Rolf


> All,
> 
> I know it's a little (OK a lot<G>) off topic, but is interesting.  For those
> of you who subscribed to Ernie's S&P 500 forecasts, did you notice he has
> apparently called this one perfectly.  He predicted a turn window or
> 910-913.  Today it turned at 911.06.  For now, his crystal ball is working.
> For those of you who are not subscribed I copied last nights forecast below.
> 
> Norm
> 
> 
> Once again today could be the bottom, as we came within a whisker of the
> 910-913 target range, and both of my short term cycle indicators are
> suggesting that a turn is imminent. While the next target level of 876-884
> is still a possibility, at this point I would have to say that it is not
> very likely that we will go that low.
> 
> 
> 
> The 910-913 range has emerged as the high probability target for the
> termination of this short term down move. The most likely scenario for
> tomorrow would be a move slightly lower into the target range or just below
> before the market terminates the move, and begins to go higher. The second
> most likely scenario is that the market will open higher and continue to
> move higher from there. And the third most likely scenario would be a
> continuation of the down move possibly as low as 900, with an intra-day
> reversal featuring a closing price above at least 911. Each of these
> scenarios involves the 910-913 target range.
> 
> 
> 
> Despite the high probability that we are about to make a turn and not likely
> to go much lower, until we see the turn confirmation signal this market
> could still reach the lower target range
> 
> 
> 
> E
> 
> 
> 
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> 


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