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Strategies & Market Trends : Drillbits & Bottlerockets
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To: Lost1 who wrote (102)1/4/2001 1:29:13 AM
From: Jorj X Mckie  Read Replies (3) of 15481
 
I was reading the CFZ thread a little bit ago. It was pointed out that there was an extremely high tick with the trin above 1.00 (indicative of institutional selling on the uptick. Of course, this was used as a bearish argument. But I think that only half the picture was being looked at. (nyse tick was 1500+ and the trin closed at 1.11). It was much higher before the fed announcement.

But the naz is a different story. The low on the naz tick was around -500. But on the fed announcement the naz tick went to a high of about 1100. The naz trin was just over 1.00 before the fed announce, but dropped down to close at .23. This indicates institutional buying on the uptick.

I'm thinking we have a bit of rotation into techs coming up.

VIX broke a double bottom and the BSL today (not reflected on the chart yet). VIX is inverse to the market, so this would be bullish too.

But as Slevin said on another thread, this rate cut wasn't done because the fed thinks that the economy is healthy.

Decisions, decisions, decisions
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