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I think you make a very important point regarding
the NYSE breadth oscillators (a/d issues, a/d volume, h/l), however I would note
that the NASDAQ oscillator pattern is more or less one of higher lows which have
been putting in bullish divergences for the past two pivot lows. (I prefer
smoothing the raw a/d oscillators with a 5 period sma which takes out a bit of
the wiggle.)
The June spoo stopped dead on strong resistance
around 1180 and may take a bit of backing and filling before moving higher,
however such backing and filling will quite likely afford a buying
opportunity for an intermediate term trade.
Earl
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
BobR
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Tuesday, April 10, 2001 9:51
PM
Subject: Re: [RT] sp500/nd
Well said, "markets don't listen to me." Infact its we
who should be listening, right? And what has it been telling us
lately? Its telling us a powerful move is underway. The big price
move accompanied with a steady rampup in cumulative net volume followed by a
day or two of consolidation, followed by another 3 digit price run and another
rampup in CNV is what builds the base of the wall of worry. Years ago
when I subscribed to the Kennedy Gammage service he made a big deal about
complex bottoms in the McClellan Oscillator. Such complex bottoms
consisted of a left shoulder, an inverted head, and a higher right shoulder,
just as you sometimes see on price. In this case it occurs on the issue
and volume oscillators. So far the volume oscillator is ahead of the
issue oscillator. Both have broken the necklines and both are trending
above zero and their Bollenger bands are expanding. This looks like
rather bullish action from a base that could support a rather decent
rally.
bobr
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