Sand Spring Advisors LLC
April 21, 2002
by, Barclay T. Leib
Awhile back, we put forward that the Dow Jones Transportation Average was still missing one more low toward 17,880. Since that time, the DJTA's relatively steep up-trendline from September has broken. We still feel a last plunge lower is imminent, but taking a slightly finer look at the chart above, maybe 18,560 is a safer objective. We have marked on the chart above a few minor stopping points likely on the way down, but our ultimate target is still a whopping 33.7% decline from current levels.
And what could cause such a fall? Much as we hesitate to even contemplate such, another successful terrorist attack seems the only likely answer.
Astro-analyst Arch Crawford sees the period April 22-24 as bringing some "wildly unstable trends" with a bigger risk of downward price action as we move toward the Full Moon of April 26th. This is not a time to time to be day- trading a range or allow oneself to get caught long.
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