<who knows what tomorrow may bring.>
Hal, please stop me if you already know this, OK;
"Technically", the close above 30 today is a significant indication of strength. Many software TA packages, as well as "old time" chart readers that watch this stuff, see a very sweet pattern forming. IBD devoted a big article some months back to what they called the "W" formation and how a breakout above the resistance level, (which, depending upon your school is either a bit below 30 or a bit above it), is a strong buy signal. It's also known as the "1-2-3" for the first bottom, the next top, and then the next bottom (which must be higher than the first bottom). This formation is, in my experience, pretty accurate, although I don't use it myself.
The day's range tomorrow, which almost certainly will have a high above today's close, (gotta get that disclaimer in there...) will be the real indicator. A confirmation of the move today will make a lot of beepers go off on a lot of computers, and, to paraphrase Jack in "Mar's Attacks", "That ain't bad."
Couple this with Maverick's, Gary's, Sector's and the others' fundamentals, and we are lookin' real, real, good.
In my humble opinion.
see ya all tomorrow.
pete |
