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Jpilleafe@xxxxxxx wrote:
> In a message dated 3/17/00 6:48:41 AM Pacific Standard Time,
> HBernst963@xxxxxxx writes:
>
> << I have to second Ben's position. The day that we had yesterday is a
> rarity-Marty Zweig's up vol/down vol of 10 to 1 is seen about once every
> five
> years!! It does imply a takeoff rally. We shall see. Howard
> >>
>
> Question....Why would yesterday imply a take off rally ....
> as opposed to being a B Wave rally,..with further downside.
> Everything past two days,....short covering, % retracement,..
> and complacency,..etc. in my mind fits more with a Wave B
> scenario as opposed to the start of a "trending' move higher.
> Now that the shorts have been cleaned out,...and sideline money
> sucked in...market is free to decline or go trading range which is
> my expectation. Any thoughts appreciated.
>
> Regards, JIM Pilliod
Dow:
- biggest one day point gain.
- biggest 2 day % move (8,2) since Oct 21,87
In sep/oct 87 and 1929 as well early breaks of over 10% were immediately
retraced in about 23.6% fibonacci days for about 62% while markets broke
therefater way further. Hence big breadth and big sucking in of all dip
buyers are no guarantee for a solid bull.
I pass on that one. Risk reward not quite obvious to me here.
Gwenn
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