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Politics : High Tolerance Plasticity

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To: Warpfactor who wrote (14369)	6/10/2002 12:13:29 AM
From: kodiak_bull	Read Replies (1) of 23153

Warp: Yes, when a chart makes a pattern like that one, a hollow red candle (the longer the better) at the bottom (well, one supposes it's the bottom) of a descent, then it's relatively bullish. What has happened is the stock gapped down at the open, pretty far down, but apparently it flushed out the last of the sellers since the rest of the day's action was above the open; the farther above the open the better. You need to look for a couple of things, though. First is better than average volume. You have that here. Second is you would like to see the stock (or index) open higher or even gap up on the next day. Then you could take a general comfort that the stock had reversed. Only one problem: this logic applies to single stocks. I suppose it applies to indices as well, but I dunno. The weekly doesn't confirm this action so you might just want to wait and see. Mostly the Naz chart looks pretty sickly to me, so I'm a cautious fellow these days. Kb

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