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Strategies & Market Trends : Take the Money and Run

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To: Jorj X Mckie who wrote (3608)	6/17/2002 10:17:37 PM
From: SusieQ1065	Read Replies (1) of 17639

i have a Point to Ponder....Jim Brown is saying the Trin closing at .36 might be bearish...oh, that's stretching things a bit i think! Jim Brown 6/17/02, 5:35:12 PM Pivot Trade Wrap Market extends gains from Friday's bounce The markets bounced at the open and never looked back. The Dow paused for a breath at 12:00 but held its higher ground of 9650. A number not seen since last Tuesday. The rally continued into the close with the Dow finishing at the high tick of the day. The Nasdaq was just as positive but the end of day tick was barely over the 1550 level that had be a price magnet all afternoon. The internals finished strong with advancers beating decliners 5072 to 2142 on a combined basis. New highs beat new lows 204 to 186. Up volume beat down volume by 2,317 million to 506 million shares. This 4:1 ratio is very bullish despite the only 1.5 billion shares on the Nasdaq. Volume was low but very lopsided. Where to from here? The Dow has strong resistance between here (9685) and 9800 and the Nasdaq has strong resistance between here (1550) and 1580. The bulls would like to think they can push these indexes over the top but they have their work cut out for them. The two economic reports tomorrow, CPI and Housing Starts, should not move the markets. That is of course assuming the Housing Starts do not come in substantially below the 1.60M that analysts are expecting. Positive closes tend to produce positive opens and that is what I expect in the morning. The closing TRIN at .36 shows how bullish the buying was but also how overbought conditions are. Used as a contrarian indicator the TRIN at .36 is very bearish. It indicates extremely lopsided buying today and we all know how extremes tend to correct just as quickly. With strong overhead resistance it is not likely the rally will continue much farther without a rest. We will be looking for that point as our next entry level. See you on Tuesday.

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