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What new high list decreased? Best to recheck
those numbers.
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
<A title=profitok@xxxxxxxxxxxxx
href="mailto:profitok@xxxxxxxxxxxxx";>profitok
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Cc: <A title=vdonovan@xxxxxxxxxxxxx
href="mailto:vdonovan@xxxxxxxxxxxxx";>Vincent DONOVAN
Sent: Saturday, June 30, 2001 7:40
PM
Subject: [RT] Re: Turning Point for both
nasdaq and sp500
hello
recieved this over the weekend.
i share the man's view,
nice weekend
Ben,
Friday was mixed.The NYSE ADL was strong, but the OTC
and AMEX AD lines were not strong.New lows increased on all
markets.New highs decreased on all markets, but not enough to turn the new
high indicators downward.The secondaries were much stronger than the blue
chips.Growth underperformed value in the large cap area and the
underperformance was enough toturn the value / growth environment from
favoring growth to neutral.
This recent rally has been limited to small caps and techs
and both are a little overbought.The rally is already a day or two longer
than the recent rallies of the past 2 months, butwe are in a normally
strong end of month beginning of month pre holiday period.
I have mentioned the NASDAQ new high indicator many times
and it has been moving upward sincethe beginning of this rally. The
number of new highs on the NASDAQ decreased to 12 above thevalue of the
indicator so it will not take much of a decline in NASDAQ new highs to turn
theindicator downward.
Surprisingly few of the short term and sector signals have
gone long in this rally and it is especially surprising that the OC
signal, which is Rydex's take on the NDX did not go longconsidering the
strong performance by the NDX over the past week.
Most of the sentiment indicators are neutral, however,
watching Wall Street Week Friday nightLouis Rukeyser was as bullish as I
have ever seen him. He all but declared that the marietwould be up a
year from now. Furthermore 3 of the 4 panelists declared that we had
seenthe lows for the year. Of the five, only Robert Stoval was
reticent. If the panelists arerepresentative of overall sentiment,
it is dangerously bullish.
The recent cycle of approximately 6 day up legs followed by
6 day down legs has now had 8 days in this up leg so a correction is
due. Some possible scenarios are:
1. The market continues upward for several more days
supported by the techs and small caps andthen collapses. This is
possible considering we are in the normally strong pre holiday periodthat
could easily extend the current rally.
2. The market corrects for a day or two and resumes
its climb. This would imply that marketsdifficulities of the past
month are over and a summer rally has begun.
3. The market begins a correction that lasts 6 days or
so and the recent pattern continues.
I am slightly inclined to the first scenario.
Good luck
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ninja
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, June 30, 2001 5:17
AM
Subject: [RT] Turning Point and Traid
Research
<SPAN
class=710350707-30062001>Hello,
<FONT
size=2>An<SPAN
class=710350707-30062001>ybody know
how I can get access to Walter Studnicki <SPAN
class=710350707-30062001>of Turning
Point and James Brock of Traid
Research.
They are suppose
to have good track record.
<SPAN
class=710350707-30062001>Thanks,
<SPAN
class=710350707-30062001>NJTo unsubscribe
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