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My models are showing mixed messages for next week
but with a bullish bias. On a weekly basis the DJIA, OEX and NDX flashed buy
signals this week while the Russell 2000 flashed sell. I am also getting
multiple market forecast dates for the week of 10/22 for a weekly CIT. I look
for Biotechs and Healthcare to advance and energy stocks to declineOn an
individual stock basis I have about an equal number of high probability long and
short candidates for next week. I look for perhaps a lower low Monday and a
reversal of short term trend Tuesday but I expect a tough trading week with a
lot of volatility.
If anyone would like a forecast for one stock or
index for next week, email me privately with the request.
Best Regards,
Jim
----- Original Message -----
Sent: Sunday, October 10, 2004 2:01
PM
Subject: [RT] NYSE Common Stocks -
Internals
I am still feeling out some new tools, however attached screen shot of
NYSE Common Stocks only shows:
- Turn in the +- ADX but no crossover
- Confirmation of high by A/D line
- New high in number of stocks rate "A" followed by decline in number of
"A" stocks but no sign rise in stocks rated "E". Stocks are rated A
(best 20%) through E (worst 20%) based upon
accumulation/distribution characteristics.
- Non-confirmation of price high by the "A" + "B" stocks but no major
deterioration and A+B stocks still above 10 day MA
- Volume bars show decline on low volume
I'm seeing similar case for most
indexes except DJIA and SP100. This suggests that we don't have the
deterioration required for a full scale decline. Of course this could change
within days.
Earl
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