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Current risk on SP appears to be 1368, ND 3400 and 3000, RL (Ru2000) 505
and 480, NK 17700 all basis March futures. Unless something changes
radically in my breadth models or we get a systemic shock, I believe we
are continuing an ABC correction which began in early January and the
upper values indicated should contain the correction.
Earl
----- Original Message -----
From: <Proffittak@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, January 25, 2000 6:37 AM
Subject: [RT] Re: Intra day hi in market, abondon ship
> 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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