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There is nothing to say that the rally wasn't
significant and there is nothing to say that it was. Only time will
tell. The did nothing to void any downside action other then on the very
short term charts. Granted the short term charts have to change before the
long term ones change, but until there is some follow through, this is just
another bear market rally. They are the most violent in nature.
Ira.
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Rhonda
Guilbeaux
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Sunday, July 07, 2002 9:47 AM
Subject: Re: [RT] Questions
> > 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
weeks<FONT
size=+0>; 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; <FONT
size=+0>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
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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> > > To unsubscribe from this group, send an email
to:> realtraders-unsubscribe@xxxxxxxxxxxxxxx> >
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