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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: Jenna who wrote (1142)1/9/2001 9:19:34 PM
From: Jenna  Read Replies (1) of 6445
 
OEX..also important. marketgems.com Without the S&P participating, you can't really have a lasting rally. The chart is improving but if you take a panoramic view you can see that the dominant trend is down and the rally of January 3rd has been almost completely retraced. There is a momentum breakout and the on balance volume has sloped up indicating accumulation, but there are different levels of resistance. Resistance in this case is at when level will demand decrease and supply increase. When rallies are extremely strong, they will be sold into because the desire to realize double digit profits in one day is very tempting.

A lot of us are talking as short term traders but we have to remember the investors that have lost more than traders who for the most part exit LONG positions at the market close. We are looking for swing trades NOW but investors are looking to get back their money. I have no 'baggage' in this market but others do. Well it is obvious that at the level of 704 1/2 and resistance levels above that point, there will be investors who will sell their stock so they can at least get back their money. That could lead to what we call 'selling into the rally'. Once we can overcome that tendency we might climb back into a positive trading channel which we haven't seen since end of September. What we don't want to see is a retest of the 52 week lows.
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