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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: el_gaviero who wrote (92865)7/29/2001 2:06:26 PM
From: E. Graphs  Read Replies (1) of 95453
 
O/T el_gaviero,

Good question. Not sure, but I've always considered the Dow's relative strength to be relative to itself. However, even if it were compared to the Nasdaq, the Nasdaq has had falling relative strength since 1996 as well! In fact, the Nasdaq made a divergent high at its peak and certainly the nail in the coffin came at the double top where relative strength refused to confirm.

These are some of the signals that made me sell all of my tech holdings at that time. People may not value TA well enough.......but, given serious consideration, it can save your butt. One thing I have learned is that the market is ruthless at shaking out BS......ruthless! Just watch what happens as they try to run up the semis for distribution here. One comment in the press over the weekend was bold enough.......he said, they are going to want a rally here since this is the last chance to make money before the fall.

Although this subject is off topic, I agree with others here that it's vital; the entire health of the market matters more now than ever and I also regard oil service as a beacon not to be ignored.

This chart shows Nasdaq's falling relative strength since 1996:

siliconinvestor.com

Thanks for your comments!

E. Graphs
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