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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: TREND1 who wrote (2223)10/30/2001 7:33:32 PM
From: Cymeed  Read Replies (1) of 99280
 
Larry, first thanks for posting your daily upgrade and the nice chart. I have been a frequent reader of it myself. Really appreciated.

But your interpretation of today's close price seem to be a little too stretching. Nasdaq did break down the lower trend line that was developed from Sept 28. That upchannel is not valid any more.

Having said that, however, I think the market still has upside momentum IMTO. The up movement for the next couple of weeks may be more curve shaped. The selloff during the last two days may be related to year end balancing by portfolio managers and major indexes facing resistances. I am happy to see the low volume in the last two days. Unless we go down in heavier volumes in the days ahead, I am still cautiously bullish at this moment. Just my two cents though.
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