Ask DrBob Message Board - Msg: 17170615

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Strategies & Market Trends : Ask DrBob

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To: Drbob512 who started this subject	3/8/2002 9:59:28 AM
From: Drbob512	of 100058

*** TA Update (intra-day) *** The markets opened up sharply, with an hourly gap on the Nasdaq. The market internals are strong so far, and we can be firm for another hour and then the mid-day countertrend should drop stocks. During that mid-day countertrend, if the internals are holding up according to my rule, then we may not have to fall off of a cliff towards the close. Right now the Nasdaq a/d is 18/7 and up/down volume is 5/1 on heavy volume of 268M shares. The Nasdaq has held well at the previous resistance level of 1880 or thereabouts and now can rise above the mild psychological resistance at 1900 to the next resistance level of 1950 in the next few days of trading. The NYSE a/d is 2/1, up/down volume 4/1 on heavy volume so far. The Dow has powered ahead above the 10,600 resistance as expected and has a good chance of closing above it. Some profit-taking before the close ahead of the weekend is likely and then next week can be another up week.

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