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there was a reversal off a multi-day low yesterday in the Nasdaq - on an
INCREASE in volume.
This is usually a pretty good indication of a low and probably a forthcoming
intermediate-term upswing.
It eliminates the need to figure out all the waves, sentiment, economy, etc
etc.
rgds phil
----- Original Message -----
From: <Jpilleafe@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, March 17, 2000 7:00 AM
Subject: [RT] Re: markets/outlook for 5-10 days
> 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
>
>
>
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