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Strategies & Market Trends : Classic TA Workplace

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To: Davy Crockett who wrote (9003)	8/3/2001 10:48:24 PM
From: velociraptor_	Read Replies (2) of 209892

Peter....basically a major breakout should be accompanied by a spike in volume over the current volume downtrend. That's what signals the buy and says that this is the moment everyone was waiting for and now wants in. Right now, it's not saying that...in fact...it's saying that no one is convinced and that shoudl be a big concern for the longs. The S&P has already broken over the down trend line several days ago. Still no volume spike. Instead it just keeps declining. And the Nas is the one everyone has been watching and talking about. We break trend and....where is the volume? Where are all the buyers? Hey...I thought this was the big buy signal of the summer? If you take a look at the daily charts at my site, you will see what I mean. No volume spike on the breakout. The indexes are now sitting at overbought. Rising wedges in individual stock charts everywhere. Everyone getting bullish and looking for the summer rally. Upgrades for stocks and entire sectors coming out of the woodwork. Earnings still being revised downward week after week, while recovery gets pushed further and further out. Get the picture? Something smells and I'm not buying the long side.

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