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> > 1.
What makes anyone think that a rally as significant as Fri. was> just
short covering?
The Volume was
light Friday and for
the week.
The last two major intermediate
bottoms; coming off of it had
bullish end of week candles and
volume supported the
Price action.
Every week we've broken the
prior weeks low for several
<FONT
size=2>weeks; true
also for last
week. <FONT face=Arial
size=2> Get above
a Major resistance area instead of just a rally
to
the Breakdown point; along with holding a prior
weeks
low; then
that would be cause for me
to call it significant price action.
For now, I can't view
it as significant until we can
at least hold and not break
a prior weeks low. <FONT
face=Arial size=2>May happen
this week, and it may
not. I can't isolate
the last two trading days and
call
it a significant rally.
Rhonda
<BLOCKQUOTE
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
John Cappello
To: <A title=thegonch@xxxxxxxxxx
href="mailto:thegonch@xxxxxxxxxx";>Daniel Goncharoff ; <A
title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Sunday, July 07, 2002 9:55 AM
Subject: [RT] Questions
Dear Daniel,In response to the items you
noted:1. I think the rally was significant, especially in light of it
coming before a weekend that threatened terrorism. I am sure the
change in short interest numbers when available will help as will the
actual volume numbers. It would be most unusual in the history of the
US for the second half of the second year of a first term President to
be a down one. This rally is just the start of that, to me. That plus
sound economic numbers which will eventually justify Dow PE's are some of
my reasons.2. No indicater battle from me...just that your sppedometer
does not predict hoe fast or slow you will go.6. Barry Bonds has
God given eye hand co-ordination plus talent. He is one in multi-millions.
If you keep that same analogy, that is where I come from re. Pitchfork
lines even math generated.If there are people who can successfully use
Pitchforks alone, they are one in millions. They tell the past and attempt
to foretell the future.Now you know better than to suggest I write a
program for talent and experience.As I see it one is God given and
the other is time
dependent.Sincerely,John------------------
Reply Separator --------------------Originally From: Daniel Goncharoff
<thegonch@xxxxxxxxxx>Subject: Re: [RT] QuestionsDate: 07/07/2002
07:44amJohn Cappello wrote:> > 1. What makes
anyone think that a rally as significant as Fri. was> just short
covering?What makes you think the rally was 'significant'? If we look
at mid-Junewe had a trough-to-peak move of similar size, and then
continued thedowntrend. The right question is how does anyone know whether
those whowere absent Friday come back as buyers or sellers? My
solution is to buyvolatility, and let the market figure out where it
wants to go...> > 2. What makes anyone think that Hurst Channels
will be anything more> than just another indicater given the amount of
work put into it.I don't want to start the indicator battle again, but
I like indicators,rather than just relying on price itself, in the
same way I like havinga speedometer in my car, although I can judge my
speed by the rate atwhich stationary objects move past.> >
3. Why should Norm offer more sound advice than he already does at
no> charge?> > 4. Why were most TA people pointing
their indicaters down on Fri.?> > 5. Why do people seem to think
that the ability to program correlates> with coming up with sound
ideas that are useful for real time trading?> > 6. How can
pitchforks be reliable when they are so dependent upon the> eye and
perception?How can Barry Bonds hit so many home runs, when making
contact is sodependent on the eye and perception?Perhaps you just
can't write a computer program for talent
andexperience.RegardsDanG> > These are just a
few questions I have had after seeing so many posts> on these
subjects.They are meant for educational purposes of myself> and perhaps
others. I have more, but they can wait.> > John> >
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