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Harley Meyer wrote:
>
> After looking at the charts tonight I believe we will begin to move into
> the DJIA's first correction in some time. I originally thought the
> indexes had to move higher before they would correct. i.e., move much
> higher than the August highs, so the correction would stay above old
> highs. Part of my reasoning behind why I had originally thought that
> was. That of investor perception of the market. If the US and Iraq were
> going to battle, then there was this feeling that the market movers and
> shakers didn't want to worry the general public too much. As well as
> complicate matters by creating a technically sloppy chart. If the US /
> Iraq problems are being resolved in some manner other than gunpowder.
> They can now take their profits and deal with the sloppy charts. Anyway
> these were some of the things that went into my earlier thinking.
>
> After looking at NYSE breadth I can see the DJIA now pulling back.
> I am looking at the same ole things:
> New highs minus new lows after moving sideways is beginning to move
> lower.
> Total volume had been drifting lower but is now moving up on a down day.
>
> Up/Down volume ratio - the momentum is slowing as measured by its 50 day
> and 10 day MAs. (The general rule of thumb is that if the ratio is above
> 2 on any given day the market will be up, below 1 the market will be
> down, and between 1 and 2 the market will not make any significant move
> during the day.)
> Of course the final confirmation is the break in the up trend channel.
>
> Harley
Harley,
I just read a report that was printed on Wed. Feb. 25 6:58 am EST saying
the US and Iraq problem is not over. The US has stated that it still
has questions and needs clairification on some things. I feel this
could be a time bomb with a delayed fuse.
Joe Frabosilio
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