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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Mike M2 who wrote (197174)	10/11/2002 4:57:01 PM
From: SouthFloridaGuy	Read Replies (1) of 436258

Thanks, William. I think rather than looking at the absolute indices, which have become highly manipulated, people should look at individual stock action + volume. For many stocks, the volume today wasn't all that impressive. Take Cisco for instance. The 130m shares was less than yesterday, which was less than the day before, which most importantly was less than the day before that - a very negative day. What you want to see, IMO, is the opposite. Several large volume days that on average have higher volume than the red days preceeding. A good example could be the utility sector, which in my opinion has bottomed and most of the stocks in it will not make new short-term lows even if the market breaks down. My favorite swing trading indicator other than volume is the crossing of the 9 and 18 day Moving Averages. While this lagging trend following indicator lags a bit during selling climaxes, it's good for days like this, when one isn't 100% sure if a reversal took place or if one should cover. The fact of the matter is that as far as I am concerned, I was way more impressed by the July reversal than this one. Expect new monthly lows by the end of next week, IMO.

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