Bob Brinker: Market Savant & Radio Host Message Board

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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host

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To: Boca_PETE who wrote (10390)	10/17/2000 8:53:21 PM
From: Mr. BSL	Read Replies (2) of 42834

TOTAL NAZ VOLUME now 25% greater than last Thursday and 40% greater than last May's low day. Am I missing something, or does today fail to qualify as a low volume test of the lows ? Does anyone know which benchmark day to compare to today's NAZ stats - Last thursday vs Last May's Low Day ? Pete, IMHO last week you could back up the truck only with very close stops in place. However, it is much better to wait for confirmation of a rally instead of trying to pick a buy point when the market is going down. It was relatively safe for everyone to jump into QQQ’s last May 30 because May 30 was a follow through day on the rally that started on May 24. Last Friday was an excellent up day and a follow through day could happen as early as tomorrow. Once the follow through day happens (up at least 1% with volume greater than the day before), it would relatively safe to do some buying. Recall that the DOW 8650 buy signal in 1998 did not have any follow through on the many attempted rallies and the market went down another 1000 points before a rally was confirmed with a follow through day. I believe the model was being touted as being good within 3% of the bottom at the time. Message 5520227 Just a thought. It might be better to watch for some positive market action, instead of negative market action, before putting bucks at risk. Good luck. Dick

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