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hello
recieved this over the weekend.
i share the man's view,
nice weekend
Ben,
Friday was mixed.The NYSE ADL was strong, but the OTC and
AMEX AD lines were not strong.New lows increased on all markets.New
highs decreased on all markets, but not enough to turn the new high indicators
downward.The secondaries were much stronger than the blue chips.Growth
underperformed value in the large cap area and the underperformance was enough
toturn the value / growth environment from favoring growth to
neutral.
This recent rally has been limited to small caps and techs and
both are a little overbought.The rally is already a day or two longer than
the recent rallies of the past 2 months, butwe are in a normally strong end
of month beginning of month pre holiday period.
I have mentioned the NASDAQ new high indicator many times and
it has been moving upward sincethe beginning of this rally. The number
of new highs on the NASDAQ decreased to 12 above thevalue of the indicator
so it will not take much of a decline in NASDAQ new highs to turn
theindicator downward.
Surprisingly few of the short term and sector signals have
gone long in this rally and it is especially surprising that the OC signal,
which is Rydex's take on the NDX did not go longconsidering the strong
performance by the NDX over the past week.
Most of the sentiment indicators are neutral, however,
watching Wall Street Week Friday nightLouis Rukeyser was as bullish as I
have ever seen him. He all but declared that the marietwould be up a
year from now. Furthermore 3 of the 4 panelists declared that we had
seenthe lows for the year. Of the five, only Robert Stoval was
reticent. If the panelists arerepresentative of overall sentiment, it
is dangerously bullish.
The recent cycle of approximately 6 day up legs followed by 6
day down legs has now had 8 days in this up leg so a correction is
due. Some possible scenarios are:
1. The market continues upward for several more days
supported by the techs and small caps andthen collapses. This is
possible considering we are in the normally strong pre holiday periodthat
could easily extend the current rally.
2. The market corrects for a day or two and resumes its
climb. This would imply that marketsdifficulities of the past month
are over and a summer rally has begun.
3. The market begins a correction that lasts 6 days or
so and the recent pattern continues.
I am slightly inclined to the first scenario.
Good luck
<BLOCKQUOTE
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ninja
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, June 30, 2001 5:17
AM
Subject: [RT] Turning Point and Traid
Research
<SPAN
class=710350707-30062001>Hello,
A<SPAN
class=710350707-30062001>ny<SPAN
class=710350707-30062001>body know how I can get access to Walter
Studnicki of Turnin<SPAN
class=710350707-30062001>g Point and James Brock of <SPAN
class=710350707-30062001>Traid Research.
They are suppose to
have good track record.
<SPAN
class=710350707-30062001>Thanks,
<SPAN
class=710350707-30062001>NJTo unsubscribe from
this group, send an email to:<A
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