|
PureBytes Links
Trading Reference Links
|
Hi Dimitris,
Thursday, January 22, 2004, 6:04:22 PM, you wrote:
DT> ^N225 will suffer for a while, the StochD() AND RSI()
DT> divergences are here to give a clear warning.
DT> Any opinions [technical or not] appreciated.
DT> Dimitris Tsokakis
Perhaps. But I would expect any suffering to be short-lived. It
looks like a flag to me, especially with 225 volume declining sharply
the past two days. Also, the "forced" low closes each day set up
amateur bearishness, usually right about the time it's ready to blow
through the top of the flag.
Foreign buying this week before the open has hit levels I haven't
seen since last summer. This action -- very, very heavy this week --
in contrast to the futures market, that wouldn't let the thing run. I
need not tell you which of the two represents investors, and which
represents "gamers". ^_-
Today . . . while nothing to the upside could get going courtesy of
the Osaka Boyz, on key stocks like Nomura, somebody was willing to
put huge bids in at the unchanged area all day. We are talking about
really big bids, bids that don't get made unless there is either a
lot more behind it, or unless somebody knows something. They weren't
forcing, mind you, just saying they would take all you wanted to give
them at this level. If I was short I'd be real, real nervous.
So . . . these flags can play out a couple of different ways: 1) The
first blow through a previous high and they take off on you, and 2)
there is a brief lateral movement (see 225 in May of last year)
before an upward breakout. They can fail, too, for that matter, but
I smell a move up to suck in all the novices before we see much to
the downside. Nobody here is too interested in selling below 11,000
right now. Bank volume, a key market component here, simply vanished
today. I mean 8411 did less than 75k shares. You have the stock in
your database -- that's really small participation for that stock,
even at US$ 3,000 a share. This kind of volume evaporation tends to
support the flag theory. Also supportive, while the headline numbers
were flat today, the internals soared. A/D line solidly positive,
and 60 to 0 new highs to new lows, a ratio that's held for about two
weeks now. Money is being positioned.
Of course, a big change in the US market could change things here in
a hurry, and we've had quite a run ourselves since Christmas.
Best,
Yuki
Send BUG REPORTS to bugs@xxxxxxxxxxxxx
Send SUGGESTIONS to suggest@xxxxxxxxxxxxx
-----------------------------------------
Post AmiQuote-related messages ONLY to: amiquote@xxxxxxxxxxxxxxx
(Web page: http://groups.yahoo.com/group/amiquote/messages/)
--------------------------------------------
Check group FAQ at: http://groups.yahoo.com/group/amibroker/files/groupfaq.html
Yahoo! Groups Links
To visit your group on the web, go to:
http://groups.yahoo.com/group/amibroker/
To unsubscribe from this group, send an email to:
amibroker-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
|