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Strategies & Market Trends : Ask Vendit Off-Topic Questions
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To: Vendit™ who wrote (5283)2/25/2005 1:16:15 AM
From: Walkingshadow  Read Replies (1) of 8752
 
Hi Reid,

Another thing I noticed....

There have been four, possibly five bullish candles like today's so far this year:

139.142.147.218

Look what happened immediately following each. The only time we saw any follow-through was the one we saw last week, and that one was followed 4 days later by some of the strongest selling we have seen all year.

All this (together with my previous post) tells me that short-term relief rallies such as today's are unsustainable, and will last two days or less in general if the relief rally is started by a strong looking, tall white candle. This market just seems incapable of significant follow-through, and I think one of the main reasons is that there is still too much bullishness that has to be shaken out, and there is still too much overhead resistive volume that has accumulated and that the market has not fully processed. Today, we saw a strong surge of this kind of volume around 11am and also in the afternoon, which only makes matters worse for the relief rally because the market did not react to it significantly yet. It only slowed things down, but did not stop the advance..... but I think it will tomorrow.

139.142.147.22

Again, I have serious doubts this relief rally will last through the end of tomorrow's session. I think we'll see selling begin again tomorrow afternoon and into next week, without reaching that upper level ($38.01).

T
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