Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: isopatch who wrote (30817)	5/14/2003 8:07:09 AM
From: Arik T.G.	Read Replies (1) of 36161

Two things on yesterday's intraday action on the S&P that support the beginning of weakness were : 1. The intraday high came at 13:04 EST, a small negative. 2. The market made a new IT high intraday but closed DOWN for the day (so no new closing IT high). That's a bigger negative and a medium strength reversal signal. Sometimes an intraday behavior like this is followed the next day with a bigger range of the same behavior, and that's a strong reversal signal. OTOH NASDAQ and Russell 2000 still closed up yesterday and the Dow didn't make it to positive territory so no support to this signal from the rest of the market. Concusion : I am very skeptic of the market's ability to rise today as being indicated by the futures this morning. ATG

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