I will have to study the charts harder but you pose a great thought for discussion.
My system is showing no daily buy signals on the sectors bt I do have short term over bought signals on the BTK, DRG, HCX, CEX, NYSE, OEX, and SPX.
The BKX got a lift from teh banking reform bill so it may be a bit dangerous to go against it immediatly.
I am getting false over sold signals on some beaten down sectors but they are reaching extremelty low levels and may be due for either recoverys or dead cat bounces soon. These are the TRX ( rising oil prices make it risky), PNX, RUT, and Utilities. These all have weekly over sold signals but like I said, they are so beaten down and have been falling so quickly I don't put a lot of faith in them yet, might be like catching falling knives.
I haven't had much time to look through yet and feel Friday's closing rumor put a lot of noise in the charts since many stocks may have sold off as traders saw the NASDAQ collapsing and rather than wait to find out why, may have just started selling not knowing if nuclear war just broke out etc.
*OT* - I just finished changing my site around again to try to get the charts to show better. There were alot of individual pages so I may have missed some. If any of you find a page with errors please let me know either here by P-mail or else you can e-mail me off the link from my site. Also my server is having problems as I was locked out for a while and I am still getting intermittant problems getting to certain areas and have to try a couple times. Thanks.
Good Luck,
Lee home.att.net |
