|
PureBytes Links
Trading Reference Links
|
----- Original Message -----
From: <A
title=mike-burk@xxxxxxxxxxxxxxxxxxxxxx
href="">Mike Burk ; <A
title=mike-burk@xxxxxxxxxxxxxxxxxxxxxx
href="">Mike Burk
To: <A title=mike-burk@xxxxxxxxxxxxxxxxxxxxxx
href="">Mike Burk
Sent: Saturday, September 04, 2004 11:05 AM
Subject: 9/4 Report
<A
name=OLE_LINK2><A
name=OLE_LINK5><SPAN
><SPAN
>Technical market report for September 4,
2004
<SPAN
><SPAN
><SPAN
>The good news
is:
<LI class=MsoNormal
><SPAN
><SPAN
><SPAN
>All of the intermediate term indicators are
still moving sharply upward.
<SPAN
><SPAN
><SPAN
>
<SPAN
><SPAN
><SPAN
>Not much has changed since last week, the market
is still overbought and there is still no volume to get excited about.<SPAN
> My unscientific evaluation of sentiment
leads me to think it is pretty bearish.
I have seen a lot of reminders that September is the worst month for
stocks, rising interest rates are bad for stocks etc.<SPAN
> However, there is still no evidence the
market is ready to capitulate.
<SPAN
><SPAN
><SPAN
>The chart below shows the NASDAQ composite in
red and an indicator of momentum of a ratio of NASDAQ advancing issues and
declining issues in purple. In two
out of three instances this year the indicator has declined ahead of prices and
in April, when it failed to decline ahead of the price decline, it was not as
high as it is now or as high as it was the other two times that it
worked.
<SPAN
><SPAN
><SPAN
><v:shapetype id=_x0000_t75
coordsize="21600,21600" o:spt="75" o:preferrelative="t"
path="m@x@5l@x@11@x@11@x@5xe" filled="f" stroked="f"><v:stroke
joinstyle="miter"><v:f
eqn="if lineDrawn pixelLineWidth 0"><v:f
eqn="sum 0 0 @1"><v:f
eqn="prod @3 21600 pixelWidth"><v:f
eqn="prod @3 21600 pixelHeight"><v:f
eqn="prod @6 1 2"><v:f
eqn="sum @8 21600 0"><v:f
eqn="sum @10 21600 0"><v:path o:extrusionok="f"
gradientshapeok="t" o:connecttype="rect"><o:lock v:ext="edit"
aspectratio="t"><v:shape id=_x0000_i1025
type="#_x0000_t75"><v:imagedata
src=""
o:title="OTC-AD-Ratio-MoM"><IMG
src="gif00221.gif">
<SPAN
><SPAN
><SPAN
>The chart below shows the NASDAQ composite and
one of my favorite short term indicators, a 10% trend (19 day EMA) of NASDAQ new
highs. The indicator does a nice
job of smoothing out the day to day fluctuations in prices.<SPAN
> NASDAQ new highs increased and indicator
moved upward Friday in spite of the decline in
prices.
<SPAN
><SPAN
><SPAN
><v:shape id=_x0000_i1026
type="#_x0000_t75"><v:imagedata
src=""
o:title="OTC-NH"><IMG
src="gif00222.gif">
<SPAN
><SPAN
><SPAN
>The last chart shows summation indices
calculated from NASDAQ advances and declines, new highs and new lows and upside
and downside volume. It is
imprudent to bet against these indicators when they are all moving in the same
direction and they are all moving sharply
upward.
<SPAN
><SPAN
><SPAN
><v:shape id=_x0000_i1027
type="#_x0000_t75"><v:imagedata
src=""
o:title="OTC-All-Si's"><IMG
src="gif00223.gif">
<SPAN
><SPAN
><SPAN
>September is the worst month for stocks,
however, it is the last half of September that gives it its bad reputation.<SPAN
> I do not have a means of generating
tables for the week after Labor Day, but looking through the data, it appears
there is usually little movement during that
period.
<SPAN
><SPAN
><SPAN
>I expect the major indices to be higher on
Friday September 10 than they were on Friday September
3.
<SPAN
><SPAN
><SPAN
>Gordon Harms produces a Power Point presentation
(PPT) that is the basis for discussion at our local FastTrack user group
meeting. You can download his
September PPT
at:<A
href=""><SPAN
><SPAN
><SPAN
>Http://www.guaranteed-profits.com<SPAN
><SPAN
><SPAN
><SPAN
><SPAN
><SPAN
>
<SPAN
><SPAN
><SPAN
>This report is free to anyone who wants it, so
please tell your friends.They can sign up
at:http://www.guaranteed-profits.comIf it is not for you, reply with
REMOVE in the subject line.Thank you,Mike Burk
W16/L14/T5
---Outgoing mail is
certified Virus Free.Checked by AVG anti-virus system (<A
href="">http://www.grisoft.com).Version: 6.0.752 /
Virus Database: 503 - Release Date: 9/3/2004
Yahoo! Groups Sponsor
ADVERTISEMENT
Yahoo! Groups Links
To visit your group on the web, go to:http://groups.yahoo.com/group/realtraders/
To unsubscribe from this group, send an email to:realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
Attachment:
Description: ""
Attachment:
Description: ""
Attachment:
Description: ""
|