From: Drbob512 Friday, Jul 13, 2001 11:40 AM
***** TA Update (intra-day) *****
The markets are relatively quiet, with an early morning rally that dissipated, for now. Bulls probably are disappointed in the lack of strong follow-through from yesterday's explosive rally.
Currently, the Nasdaq TRIN is 1.11, with a/d that is 1/1, up/down volume 13/15, on overall volume of 570M shares, so the market internals are basically neutral to slightly negative. Overall volume is 570M shares, which is light.
The NYSE TRIN is a mildly positive .84, with a/d of 14/13, up/down volume 22/17, on overall volume of 420M shares, after yesterday's heavy volume.
Not too much can be inferred from the market internals so far, except that we did not get the strong follow-through technicians would have liked to confirm yesterday's move.
The big gap up day yesterday against the prior trend will probably be filled. The question is when. Perhaps we can still rally a while longer, though probably in a choppy fashion. If overall volume drops off, then the odds favor further weakness in the marketplace.
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