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In a message dated 98-10-23 09:08:53 EDT, eadamy@xxxxxxxxxx writes:
<<
The recent high in the S&P is about 10 points short of the .618 retracement
of the entire decline July 20 - Oct 8. >>
Good point - in fact if you use log scale we've reached it.
<<One of the more puzzling aspects of the rally from the Oct low
has been the relatively light volume on the futures whether one measures by
contract volume or net tick volume (net intraday up/dn ticks). Ditto for the
SPY>>
I see the same thing in my charts. On the other hand the S&P cash OBV has
been very strong.
<< The talking heads would have us believe that a bear market rally must be
sharp and strong on heavy volume and narrow breadth - not what we are seeing
here.>>
Here I don't get your point. Are you saying this is not a bear market rally
but rather a "bull" market rally because we have broad breadth?
Best Regards,
Jerry Rehert (grehert@xxxxxxx)
Atlanta, GA
@ 05:17 am, October 24th, 1998
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