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Dow Jones - October 2002
October 29, 2002
October 11 , 2002
Joe DiNapoli calls for Major support on a plummeting Stock market. When almost everyone else was bearish, Here's what he said :
"I like unadvertised support/resistance levels and what I'm about to show you has been limited to the talks I've given recently. To my knowledge, no one else has picked up on this important yearly chart. Though many have seen and advertised the levels (discussed earlier in this post) I've spoken about now for over 2 years. Take a look at this lovely yearly chart of the DOW."
"One of the aspects of this particular major area of support that most traders and analysts will not get, is that there is a confluence area between 6847 and 7277. They won't see it because they don't understand how to figure FibNodes off thrust bars-
Bad for them, good for us!" (this chart was created almost a year in advance of the move)
Click chart below for enlargement.
"I called for removal of all equity positions in retirement funds back in Dec of 99. Now it's time to get back in with partial positions- It's time to balance that portfolio. It's also time to dump any bonds or long notes!...Don’t be short!! This is definitely not the area to be short! You’d be toast given the huge and thick support levels we are currently resting on. Index players and hot money have it easier- Look for directional signals and trends to the upside, as defined in the book (Trading with DiNapoli Levels) –Use Minesweeper techniques or other entry criteria to keep yourself protected."
How's that for a call?
Click chart below for enlargement.
In a subsequent post, on the morning of 10/19/2002, he nailed the resistance that finally stopped the market...
Name: Joe DiNapoli
Date/Time: 10/19/102 11:16 AM
Subject: Re: Dow resistance after the rally
"Well, that rally, good as it was, is just indicative of how properly calculated Advanced Fibonacci techniques (D-levels) typically affect the markets- Note the Confluence resistance levels coming up below between 8525 & 8565..."
Click chart below for enlargement.
This proved to be the first significant resistance after the bottom!
Joe went on..."You should be sitting with major profits and waiting for the next move-
Be careful! I don’t trust this market even a little, based on the comments I’ve made in this series of posts regarding the political situation of the world."
Click chart below for enlargement.
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