Stephen, your right we don't know how far this nasdaq rally can go, we could have just a little sideways consolidation like post thanksgiving last year.
from jaime choy's post:
The NAZ volume peaked last Wednesday with 147.7% of the average volume. It has dropped dramatically since then, to 124.6% the average volume. In the past I have noted that record volume peaks like this were always followed by a price peak with a significant pull back within 2 to three weeks.
Similarly, the NYSE stocks volume peaked as well but earlier, on 11-4-99, with a whopping volume of 1.364 billion. That was 2 weeks and 2 days ago. And it was a whopping 165.9% of the average volume. That has to be the highest percentage above average that I have ever seen since I started paying attention to the stock market in 1993.
Using the volume precedes price theory, the nyse volume has a longer and bigger gap, also a bigger gap in the internals.
if we are in for a pullback, a safer bet would be to short the weaker nyse, gambling on a major top, you would want to be short the techs, but you might end up with coal in your stocking -g-
and by the way, you should attend the short-a-holics anonymous meeting with me and get in the 12 step program to kick the shorting habit -g-
hi my name is boobby and i'm a bearaholic and all bears are banned from wall st. -gg- |
