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In a message dated 1/24/00 11:07:20 PM Eastern Standard Time, Vaugh002 writes:
<< Ben...another good call...throw the cheering crowd a crum and hint at how
you did it ..... take your pats on the back ....thanks tom vaughan >>
The call was made for many factors
first as you saw in eodcv chart curtesy of BOB R
the divergence is long standing
but there were many other hints
too much call buying
volume momentum short and intermediate gave a sell
macd histogram showed a bearish divergence
new hi issues were very low in quantity compare to the previous hi
in NASDAQ and Dow !!
smooth rsi show a bearish divergence
and just 2 weeks ago we actually had more new low on the NASDAQ then new hi
!!
this is not a healthy market
and YES we had in the last few weeks a BIG improvement in the ad line
when you look at the BIG picture (weekly)
and do the 4 week stolcastics on weekly ad line or macd on ad line
it is still TERRIBLE
we may be short term oversold
but
unless the vol. and ad line improves Drastically
(i do not see another new hi this month)
and not next month
happy trading
Ben
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