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Thursday was impressive in up:down volume
ratio with 6:1 on NYSE and 16:1 on NASDAQ confirming the price action.
Negative was fact that total exchange volume did not expand. Friday should be a
consolidation day (odds favor a slight extension of the high) so the next test
of this rally won't come until Monday. For the rally to have legs, we must see
good up:down volume coupled with volume expansion.
The major question is: can the rally extend
to a nominal new high? The answer is not yet written in the wind.
Earl
<BLOCKQUOTE
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Cc: <A title=yacov@xxxxxxxxxxxxx
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Sent: Thursday, March 25, 2004 9:58
PM
Subject: Re: [RT] SP 3-24-04 Bullish
Divergence?
Some of today's move was short covering
tomorrow is the key,
if we follow in an up move then the bear is dead until 4/2-4/3
Ben
<BLOCKQUOTE dir=ltr
>
----- Original Message -----
<DIV
>From:
mr.ira
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, March 25, 2004 6:29
PM
Subject: Re: [RT] SP 3-24-04 Bullish
Divergence?
Just looking at the INDU, price has to penetrate 10,350 to put a
temporary halt to this down move. If it can't get through 10,350 then
the downside targets would be 10,000 even and then 9850. If it gets
through 10,350 the high probability move would be to 10,600. At
this point there should be some resistance and at that time the calcs can be
made for the next leg. Up or down.
Just one mans opinion. Ira.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
EarlA
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, March 25, 2004 8:07
AM
Subject: Re: [RT] SP 3-24-04 Bullish
Divergence?
If NASDAQ can hold its 10:1 up:down
volume, today could be a 2% up day which would be a very bullish
combination. So far, S&P is the party pooper.
Earl
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
EarlA
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, March 25, 2004 7:09
AM
Subject: Re: [RT] SP 3-24-04
Bullish Divergence?
The market is tightly wound, so a
lot of energy has been stored. With the bullish divergences, the
direction should be strongly up and this morning is proximate to the
upper end of the rectangle. The best indication of the market's health
will be the quality of any upside breakout. NQ's traded better than the
ES yesterday and I would expect that to continue for a bit. The SP COT
commercials moved to slightly bullish last week and the ND commercials
moved to strongly bullish which is what they did just prior to the 2000
top. The scenario which would really cause some pain would be a sharp
rally to the outstanding SPX 1073 range (triple top into March 2002)
followed by a major drop however I am not betting that we get to a
marginal new high. Any good rally here should be a gift to the
shorts.
Earl
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