Thanks N.V.,
Informative reply.
My intuition was telling me the telecoms and biotechs would participate late in the rally, provided the rally continues
and develops into a new bull market.
I recall very clearly during the blowoff top of spring 2000,
biotechs did their thing very late into the top. In fact,
I had some excellent doubles and better after the $compx had already broken and was beginning its crash. I recall laughing...ho, ho...what crash??? Sheesh, what a maroon I was
back then! ggg I was still a rank beginner, figured out how to kick major butt on the way up...couldn't adjust and reverse on the way down. BTW, there were voices on this thread that called the top to a tee. Realized what a great resource this was and have at least tripled my trading knowledge since then.
I think you're right that we should get some sort of definitive answer as to short term direction tomorrow. The
60 min chart shows an uptrend off the 4/4 bottom.
Connecting the 4/20 and 4/30 highs reveal a sort of symmetrical triangle, the apex of which must break one or the other soon! The main feature of the daily chart I am considering is todays higher high and higher low; promising although I would have much preferred a white candle to what we actually got. Stochastics and ADX indicate probable resumption of up move. Really, could go either way. Lot of
bullish looking charts out there but we all know that can change in a hurry. Volume on the $compx has been declining since the jump of 4/18..don't have the figures for today as I.Q. charts provide the $compx volume a day late. Weekly chart indicators still look good to me so I am leaning towards the probability of more up action vs. the probability of a dump at this point. These days, I keep myself prepared to move either way as ever-changing circumstances dictate. He who learns to bail away, can live to trade another day! ggg
Futures I just checked are slightly in the red, very common recently to see this in the evening and green the next morning, not a reliable indicator IMO.
Thanks again for the comments.
Regards,
Eichler |
