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This is essentially what I indicated last Thursday and nothing changed on
Friday ... NYSE breadth models in buy mode NASDAQ still in sell mode
although strong breadth in NASDAQ is confirming this move up. A down day or
two in NASDAQ followed by rally would switch it to buy mode. Price
structures are mixed but breakdown of ST bearish structures suggests we
could go higher. LT structures still look negative and I believe we will
more or less follow the path of the 73-74 decline - updated NY and NQ charts
were posted on the 17th. Most negative of all is the sustained low levels of
VIX - see attached.
Earl
----- Original Message -----
From: "profitok" <profitok@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Saturday, June 30, 2001 9:40 PM
Subject: Re: [RT] Re: Turning Point for both nasdaq and sp500
> you are right bob
> barrons does not have the new hi for fri
> but yahoo shows this guy is wrong on new hi
> HOWEVER
> i still believe he is right on the markets
> (this does not mean free fall monday
> but to me it mean if you are still long, take your money off the table
> Ben
> ----- Original Message -----
> From: BobR
> To: realtraders@xxxxxxxxxxxxxxx
> Sent: Saturday, June 30, 2001 10:46 PM
> Subject: Re: [RT] Re: Turning Point for both nasdaq and sp500
>
>
> What new high list decreased? Best to recheck those numbers.
> ----- Original Message -----
> From: profitok
> To: realtraders@xxxxxxxxxxxxxxx
> Cc: Vincent DONOVAN
> Sent: Saturday, June 30, 2001 7:40 PM
> Subject: [RT] Re: Turning Point for both nasdaq and sp500
>
>
> 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 to
> turn 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, but
> we 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 since
> the beginning of this rally. The number of new highs on the NASDAQ
decreased to 12 above the
> value of the indicator so it will not take much of a decline in NASDAQ
new highs to turn the
> indicator 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 long
> considering the strong performance by the NDX over the past week.
>
> Most of the sentiment indicators are neutral, however, watching Wall
Street Week Friday night
> Louis Rukeyser was as bullish as I have ever seen him. He all but
declared that the mariet
> would be up a year from now. Furthermore 3 of the 4 panelists
declared that we had seen
> the lows for the year. Of the five, only Robert Stoval was reticent.
If the panelists are
> representative 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 and
> then collapses. This is possible considering we are in the normally
strong pre holiday period
> that could easily extend the current rally.
>
> 2. The market corrects for a day or two and resumes its climb. This
would imply that markets
> difficulities 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
>
> ----- Original Message -----
> From: Ninja
> To: realtraders@xxxxxxxxxxxxxxx
> Sent: Saturday, June 30, 2001 5:17 AM
> Subject: [RT] Turning Point and Traid Research
>
>
> Hello,
> Anybody know how I can get access to Walter Studnicki of Turning
Point and James Brock of Traid Research.
>
> They are suppose to have good track record.
>
> Thanks,
>
> NJ
>
>
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