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We now are at a critical point in the market.Since
I was out most of the week, I spent some time reading the postings. One
post reminded me of an old saying I used to use when someone was learning
technical analysis and that is "to participate rather than anticipate" . We have
to do our homework and figure where we think the market is going.But then
we have to be flexible and let the market do the talking.The reason I mention
this at this time is that regardless of whether we are in a bear market or bull
market , there are very strong moves against the primary trend which are
worthwhile trading opportunities.One appears to be at hand now.
A review of the charts indicates to me a triple
bottom formation in the following indices : NDX 100, COMPX (NASDAQ), SPX 500, .
The OEX broke through but not significantly and in addition the OEX is more
likely to be affected by options ,arbitrage, exercising etc. The DOW JONES also
held above the intra day low of 9731 made on 3/8/00. I don 't have the volume
figures for thursday and friday but if someone would post them it would be
revealing as to whether the intra day reversal on friday was accompanied by
increased volume.Up volume and down volume as well as total volume s/b kept
separately for the nasdaq and nyse.If up volume as a percentage of total
volume does not increase in proportion to the increase in prices it would
give warning that the rally is terminating
.Until we make new highs confirmed by other
indicators my primary model is still in a bear mode I am long QQQ at 77 1/2 and
81 I send this out very late last night Did not see it on this morning.Am
resending .My apologies if duplicate appears ..
Dom
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