Momentum, Direction, and Divergence William Blau Seri s Editor: Perry J. Kaufman John ley Sot ne New York + Chichester + Brishane » Toronto » Singapore MomeutTym, HalpaBAeCHHOCTb MW pacxonKAeHne Yuapam Baay Peaakrop cepa: Neppa dx. Kaycbwan MOCKBA, EBPO 2003, BbBIPA?7KEHHE BJIATOTAPHOCTH 1982 rony x aacomat euos zoxryae capLepy saceLepa-dxeKe porpHNE, Busnoucnorted, yee wie aAATea XocIMe, SLFAD MOTO, WonBain pe Ouse, _uyeeuroormona, H more caRRa Ta MOTOTCRe Me Meeese AOC eHusm AMOR: [RR, H mona NoeTyAva R WOATRAER, MAO CTAN AAWUATR ZARVCETROROLONENG, WY ARTY, TITAN EY oRaNITa A MeRCCTRO TUBA aRRATEA,1oCTeRATI HG THK ‘eypoge want tax Ganenot GpaKen. Ne MURPERPOREATA FRNEY MERA, UCOBELAD E70 TARTEN, OTHOCEIKFCA X ‘veproRunin Tomnnaiex pREREAX. A PONTIOLICR Hh YOT/CABPORADA F OTA =OP: rosa pete wpcom au oaaLAMY » PERE allessinx pudbakoR. Moe MPLLOSI ues oouaavaTL word NoDetx SeINRH, ZORA ube YAAee HUD BARARORIR, ‘ArmpeGuunue a spartuum unerpaecata. epos nescovapue apena a uusian, «nvecri Sure apoeumauyradh ezoeat nop. sou Ha Gapace, Bro apts uepuuusbitne HOME LUTEpLL EYP IIBKD BES ‘Mesut Memoss03a7BCr b MtUvecTia.AoMtOM cooSumectEe, Remuovepswe "Op- rome MROMRAANENT YORE CANN MCATRRTTREH RTOS Hag VOMMEPLOCERA mpenyE7. Baase, ¢ ROTOPNN A paBOTAX, YMA cobe MoMA Lopoonacs townbioren ¥ ToorpANN Bem, HoropeA uoALEM Ie» »CoxpuPrues , Bet. [per nocnestonan evo MpMINeDY H xoRe MDKOEDEN uepcen TBM ¢ avexonononc ane umewen (eC. 62 AHCKOR TTA: omasunuxecn unospoames eCempuTeas. 70 AAO MWe HOWE SEALTF PARTUMCCISC! DOM: AMLONMAURAWNE AUXLUMRICIPY TGS, AIRC OR BH bro syems. JT yeryuapay wocerm sueeatiuca cenuuupa lpynees Pex 1» UUIAKD IKE BAATOSAPHOCTHE one agazuna (AG), nomopase mponeanPnes Csotimen 9 viu daipata (vee pr ceseuxup unsermairen Te'erate Seminars @ mpoRensres dvipul, Dow ones Telerate, Ine.) SE xowy matisaroaapyern Tran 1 eP0 Kenzer 38 Ty fone nave Meu u Sp veRuIMeR uuaana, Kan uowneuaacer a CRORE A sprue Sicsau yet MupoK THK xe LenULNOpOX TAG. Calbyae a yruermya H nee jae we wAIMED YEG MPOENOUNTEO LY AHREANEM, @ wOKIGE b PAARL cemaapas Jor MEIC ARCYAIADL ys TtOMNeYWTOMGMAM AX pCR AeEB, KUL prse MyoRosernes 96 HH MpNeMTOURNAX TeNMRAE 8 py Seton ‘A xoren 6m roBraToRatTs Tome RapEAW W one CHE. PEAAK TOPO veynaata oTexRerenkn® 9£021N9 TORAPREC W PNRAHCDRAK guuALnon? (-Tesluy:eol Aualysia af Stocks an Cqunmodoliets|, korepare mocoReraRDANT fee ADUCUTL pavden, UocoeMeUMeH HaseKey Heck eee, THEKE a Snaruacpes sypaxesao seypmaaa Jiscexy Kuocrcsy a4 yaspemextee enon soauve pau mavepucave sypuana w Taasax 243. ‘Deu mun epana KUL, 1: SUE aoRUPY-HoWEY Kae Chem eID BORA punansoanmax romiensiee Tapp Ravgoeana. be¥nsmenr pyieaten Suit (rene coro RMEROpHTSE — xAK h aT W TAMERCZACRE BOIPCOM, TAR wT kerma nunoarsca rarepun, Janes, a x0res His BA NARHTR NPMRRATRZRMUCE WOT Mow 4 MApTAADA. fa apyneste no eueiamaead rpyae wavepecos lnventuient HIG 1 Rent repose ofureomse Boca Raton, Daopsiya, su uucepre x REaARTTET MUCH PA Sore. Oxavsaums éauronapuocr —Loacyey Thox-y wTberepy Crocemeny, 2 Teauae: muvepeeniie suuxyunm © upobavmatx rexuEMLeKeED axizraa BED anol oprveae, ASomocuren nike Pay Apiepan.y 00.079 UK ua Ma veGn npy Tposeerh PyOMC, H ou CFG JAMEMURIUE HO TeRNHeER HON Ae: “Hennamanuarcrg nsemreenare araumsa némpnteaod up uuze neater Sut yoerrvania, ToRERD RAT NCO NEE OBKAAART PATON ROOK AAM MAK LMR FH ranmat uarecraune xpatinepa & fal ore ero ons, MpegPOTH pacuvE HFC feu noaeaanaTuea MaTeMATENENKME NETORA, THAW SARARM NED ict oumnnrep Rod taproncd nperpawe. KovacTaa, ® EATIOS PACHOP ARE: YTaecre upu-ptaian Orcegn TredeSkat nl, KORADEsTCORepATERMDAT AW LORRE bee, nap aboBsxvaleo a8 Tuprueai wa ROKCORON KA PowapRON pstee. H erm depres Omega seaubonnors womens ¢ upespomnok TradeSlation. ‘Wnmanor Bauy Poopueto TIPEAMCAOBHE K CEPHA «YCUEX TPEHEPA» eae «Vouex spotiaopa+ —-nomemiycaunue aon apaenn wrepanype am rpritgepoe x agwucrasos punsa ibsovepuoy, oumucos, a¥UsH we suUb: ime nrex eenropor supoaore iveuauccovory para, Kuxspaa sed Kune mocal lens oko ane eam stony. Ha acronoraTemsxod anGopaamos mpeArrus- [NBA Tomo 7a," HENTrcgreN RAK MRT aR Drama aeN. BIH Rh Tre nadyieve AMeANae meTENA, NTRCAITIT NOMARCHTE KORNPAINE HT Aengoaultcest YannpMEIRERDG MAMAN ITT. NONETD CFE Puniou Quiovepausi W CcuMOMMOM TupLURAN DaxyAeN W ney epEdoeEIE Or euuet uegauuansiinaf pawn vemIoMoraveanuero auvrpysnerta ua Pune ‘ousteujuiviua uu Yellen av viEeA aMuaep ot HauGUKEE ARTABMLLS meaponuck puncon, Mexantiag oSWeua Ua ud-taaueducumicunie auespysteu ‘era euuo nas Paunare UU YelUUROT row SeRRAY eI “arpontrss pamneonsny, 8 puonor arTepcon ma aepHo oupAyeRaen TIeMDN' 24n0- [ake Wa MupoROW pHTHKe sepa. OeARR ROETO OMA LEREDORHNI aROHON, spel aey Wa KaneeruuORNNN mesesERCL mUmeTsAseymHcapOUaNL TOA EWI, YOTaMODAM RpOCeTERES, sear CONT HAL KYDUND Samy C1 peers aupauue, Ppariauntcate crrevopa plaus Beau uo phaawaestd Haro raause noubiay, Acrroniiwibeas vopromie eactanas ceneeneiet vpustuuouune Sage © zopronael +c roaueee, Ho sts aus uce ueeuiel, Pome coCes end SBIIOSCEI: FMEA Ha 210A Mla huumiaves ues: pouscoi Cuoress upospanmuol supruue eu suse oa6 U0 209NONGHOCTL AUAAMIUPORANL AeitTs KOATLADTEpKELY MARLO, X DOE 10 + MIPEAMCAOBHE K CEPHM <YCTIEX TPERAERA® re Jat aemiay i.paauaira wexBeaunR pnozKnytouulUeY upouUeR, Chee pe aenorteane eacron smoke Byger wMuLieTOPUsDUEMD, Tora BYARE suaracune caryauait, xorga upenaa Spoxeps ve“anea uveanocaeuasea, Te okamveno aubke, 10 cena upOURAy 4 thu paKOpANKeMAN HOMRAKE Tloupccemu:sasbuua :wvepaypa, uceHsMoM a TOxtpnKemue Toros C5 Me- vwaerou aeune vice, Muvorae as meer, MATEACATIAE OEE Tp, UOLINE HAE tus maguanvop. Iau re marae, cere paocerTAM: na Fuse upuawauy ory <aeeanens, sexo conopaur meaponere oncanITiT mw taseaual rowmparros x nexaucasa0s Gyncaymouaponsun poaus Tce vert 1 Gontlive uieuD KDE UjeMUaNerY 20 OTCERSL vUeKD ADOBUAL dant ypwiitepoo H cucasueniuoN. Cebus «¥eI0x TheBzepas 4oneNA HO Bown fabaTe% wriraror: GuAUT BPORETARNON ORTIT gAMTEE HyncorTTTE spupecctouuau-n:jumeamon a suauomnxes aMaAWTITKOR Keener ocane ac, Bacrommant pen oT ae DARA QNSCNETCOR, PERN TECH MEHTAR A eae, ¢ NpHORENNANT KAparADspARATAN MRR. Heenan BUST HaCaT TEIRATHOR KATE -TO-ORRA CHOTEMT, TAN ARAOBUITYR OHH MEAIB! HESTOR- ni, ¢ mista rarD, ae H ~e H ADYTHE-ARTAIOTER MenfiRN|ZAM eoeTAR lok unwynn pacncirmiesuroatee nepronoa i rpornannpoRars MoM, Tayerts anarions OpHTHERAINAMN W OTPERAGT AaNRTE MEET 66 omer, Bats gmnimana ote HRStE WEE RD BARE FIVSNRDW SAORKE Ha; acres cementnpmpe Wenat TeprORa, MpesMaTEaDTCA Meee MepeTek- ‘Tene MOTXOETK ene eepentemim: mpututenan. Hee ines waoaranrea aw RoRNpETRO, © WEOMMUNENEREGIE TRIGA ASIA H ILUDAR=TATER, TREES rg necratasnn nend canna canst MoyrarOaueRSTENED CREATES, EGAN RM Pa mafancarie ne eGtanty ® uerenanpaenoRaReL, On aicrawen Nempayere RREAMeneTIARAG TARE, TAYURRTE H peMELONERKe eaTepKaA. B RATA: OF oni Ke Ine BERTON RUAMLIA GAH ZPTTEN MORINAR MA BUR Be eRTOR ARAUNES W MTOTRCEEIGORAHE PARK Baraemrennnpe inept muita REST SME MLAROE: WANTON coun. Peyaaytoeare mA asARNOTEN ARTIRMETE LOZEMTAAO (ON GEN SAgHO, HaEINpEnA MONEE AesHAN, BALLET KANHTMNPTNG NEENGAM AT inex omgUHSOR, pESIUA BHA CeMAS i PACTAHARGENE Aya ITU. HONE rom TianenestaR ren, CyMteCTRFer NMUIRAET RENT, eMeA HARARE MeCRLRIE Ans smEHxaTOpARK, CXOMA RUUMCRORHA Kamar THEORATODA KOOKS [Daspatnnaia 0 neN, Wai RRLATEATT MAR METERTPIIAVEAE: EAMETS NONE ese) upsiat awa stoi aevone mpHmines TE penteeras TO ene, "Tanna siannannpy, Hate RpArao, DEODTANER TOMAR HU eA, cy MOTOpHa crit upeaMusunicu, qquttn ra ueHpeLaUTes. peat. TAKE Clery BROLILE ALCAN MUpHEL AMID. ULES RILEY EM aA PEAHCAOBHE K CEPHIH s¥CTIEX TREVIAEPAC © 11 ubue mpyaay Guumav cupenecrttn, HOUAA auMnuKAZO ssHAO NpMAvANTL, suran er excayeraruopavoere, eve au seus sror aulpuea TLE” ers eue a4, uows. auuiwensop. Hi venacuduro bausye:, 48 COamLaN ‘eacTs yeas nu puspuboske JOAeRr Lax AUNDRAXUPUL TPETIEUA BUYCITEE ila6e peasnasa ssca%e abaccyerHae yarpouercé, aa60 =peBywIEs Masco Often: narepraeracii, wma v peayabtare MpOBDs CTUxOBHTCA BUIE LIU ‘Yeap nay cocneaowraRiures. ita AR, HoMtke RUHR HOMES poxmeruoe nora smasmag: NOMeETES 1 RAMPARRERNOCIN, K WAEDSIN KOGA saseTeu puexomeqeTiv@~Mariomen BaaNNMLUT Tr gMN Rey eMOHOH ROC PAT. Iau, Hagvenaan a ametemag arse aneNe¥ON MOREOAMTO RAN NENLTEAT vt ueuisai xeprou Mecca - sroasmeneume, Bray uoxasuizuer, #1u gaGurern vans er tocar Goes yooyamtaraand, wiXE ueuuepederue uo © ueuOk, Great ages ct aroro, ox paspulsaiaer Vsb1e U4H<A9UP HLH PERM TUCO, cninzeremeoreyioaes rayfitie wuisaaatl wi pook, CpeAs WOW & Aci ‘ropes — Huyow aunauud cams, Dproaaiecrmi ouynaanros x Huge Momeserynan croxactana, Dru xucrpyresta aprop yousnimaer ¢ wugHee nO DAMN BATPARNERCACCTSY 1 AATEC PHERORREAENE Deotne nniwensie ¥-aay PReaner mereny Mnesncara eeaavtHRanen. Ot eMoTENPHp yer, wan eokevasNO ARMEREMAT NATH AROMAT CMAN get epg mer QnoAOIRA AAMT MEHTONERH, GOTMGIOUACS on MRED ITE MDTOMOSYEN, 470 uae MeN TytO saMPyatscy, Metso d9.€ 7248 OSH" ler compas eau Gugey CuveSpUML. wD, 6 EUKEAMUN LACIE, AULT Ch sya pat 1 920i sunire upececuameno MMIO%® aMcKuns, .cuNCopexIX MEOW AU rosa mavucoeis6 apylax nousck mil. Mot pao, w2u r. Buay coransaauy cOorpyARWaTE 6 usw. Trepp Toe, Raxdomact axe Phare, Pepsin COMEP2KAHHE Pauga 1, BUEQEHUE Taoua 2, AH/EKC ACTHHHOH CHABL.... Hingexe Hermaned Cau (TSD Papneyan Mosenrpie Onpegeneane 1 Couiiorna Onnonmenanrt Mowery Crrnxcrauue Mouetery ta Ceonumme Cpemne Tena Momenryw: Aestusian pezyayeli ven wnt ‘Conaxceuusit Masonry rose voeuponssomurr rogegence Hem Tlowropuve Cranaumaure Mancuryna.. ‘Toprounn ¢ Heusmsouantese Haigesca Wovnsah Cua Dprowaseossh Ucuxanaro ‘toproman eTowomne Uproauie ap Monsen Tengeus ‘Topromun e istouane Sprosuerx se Tougeamees Mesucunos0 TST. 14 + COAEPRAHHE Taasa#, CTOXACTHYECKHH MOMEHTYM, AS Cruxaesitnt Toit soe A Nonropnn Ceaaseannce Croxacrann ar Case 2ueCunHt MOMeteTSM ones oer) luguxe Counacracieniore Muaettyyna 50 Mowensyu Croxacrinea ‘Tosup Bueupoussyauy Konedaues Hews 288 Fpsrennemns Crna Aluyxauernuai Crosiernseent Coun sane Oppomesinn Croxarmes Yana 4. HHAHKATOP OBLEMA THRO... Hagemarop OGnena Tanom, Dproawvectl syn LARvO9 MuAKKATOPA OTLENOU WOH erences OF Ivana, HETHKATOP OTKMOMEHHA OT TEHAZHUME .......60 OrrHOReIME OF PEMAERMIT cn sence serene 6 Plugene Creamery Orteauttevs 1 Anmpnxeasen MACD . n Boroumaecnnit MDI Qeroramaten. Py Toprouss eprouwucerin MDL Jenarazopon oe 7 Bprowmnecntis MACD. Ouaususrenp it Tana 6. MOMEH'TYM 1511 CREM. at Menexyse 6 inpexe Mowennysen Cera 79 nannarop Quen « 20 Oproqucrt Ouupanseron Cues: 82 yrana 7, HATPABIIEHHBIN TEA), Caostnuttt Movereya uo Maneanysia a Mocs Bapryennue Suuspaanue oo. COAEPKAHME = 15, Mcgee Tampinauensaore Tn “Wansepoutee Hauguasteusore Zens # Trawonrne DT Heoamoeuraune Magananopne ‘tapeomaa {lo"tpeany. Oquvizusuoe Onpegeacee Tener Sucneuruproti Topvostilt Hucspyten Abdecrmuuocey Feuommaonamus HaqaKaraga DTS rade Ognorsepomene, Jam Crane Mupesurupid ASrounmenna Beaune DIL Fhwwtoe Cxseauansto AL-F9 8 amo 8. ONPEAIRARHUT TERI]RHMEH C HOMODIO FITAERCA HCTATTIOT CHT Hnepeiou Hacpooaessocy Tsipeeunt ‘Heuoanzounnwen Hosetea Hocus Cut ‘awm TSI_Trade Braonea Toprosan (note Toaua 9. CTOXACTHYECKHE @HAIBIPDL... Oyeura Hanpassesnore jlowret ¢Tlonennan Uoizerca Crouacrineoxara Maseuryic Pasnomanoore SMI_Trade fuapa 10.4HMBTP TVI_ TRADE, Mamparrennoe Hpmnerne ¢ Moma manmannen “Hrermnaropa O6tews Treen Qewonnan (Cnetentn Slam Bayzpanean Tonrowist CHtonastagnanvew TV foana 11.ADX-OHIGTPATULL ... ATF Dpoucuy pu. engronuaumise CHAZ.