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Pastimes : Gut Trader's Place
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To: Gut Trader who started this subject7/26/2000 11:16:18 PM
From: Gut Trader  Read Replies (1) of 16
 
From TC 2000 Worrisome

A lot of stocks are coming off short-to-intermediate tops on markedly increasing volume. This isn't doomsday action, but it is worse than we had been expecting. We like pullbacks on contracting volume. Pronounced swelling of volume, even for one day, particularly early in a decline, tends to portend a correction that will be maximal. And there is always the threat that it will actually lead to a change of trend to the downside. The Dow itself is coming down on heavy volume and we're back to the seemingly endless question of whether the April, May and June lows will be tested and whether they will hold. If they do not, then we face a test of the March low. If the Dow had risen decisively above the June high, we could face the current action a good deal more calmly. As it is, we have no choice but to worry.
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