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Strategies & Market Trends : Classic TA Workplace

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To: Doo who wrote (27304)	1/9/2002 4:44:22 PM
From: John Madarasz	of 209892

Jeff, not trying to rationalize a top here... actually trying to shoot holes in the bearish case stockcharts.com On page 70, paragraph six of O'Neils book " 24 Essential Lessons..." O'Neil says; "Four days of distribution, if correctly spotted over a two- or - three week period, are often enough to turn a previously advancing market into a decline. Sometimes distribution could be spread over six or seven weeks if the market attempts to rally back to new highs." What do you think O'Neil means by "new highs"... all time highs or intermediate intermarket highs? Also, I'm marking a "down" day (of distribution) as a day that closes lower than it opened, and not necessarily lower than the previous session. What's important to me...and O'Neil too I think, is that there is very little or no advance on greater volume than the previous session...basically a stall in advance on greater volume. on pg. 70 in O'Neil's book " 24 Essential Lessons" you'll see the quote 5 paragraphs down that helps explain my reasoning... " In general, distribution is indicated by the index closing down on increased volume or a day's advance stalling(very little change in price) on greater volume than the day before." Any insights greatly appreciated.

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