Befriend the Trend Trading Message Board

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Strategies & Market Trends : Befriend the Trend Trading

SPY 676.47

+0.8%

Dec 18 4:00 PM EST

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From: Dr. Stoxx	9/27/2005 6:03:39 PM
	of 39683

Posted : Monday, September 26, 2005 6:00:21 PM Administration Joined: 10/7/2004 Friday's little rally continued this morning in response to a general feeling that Rita hadn't been nearly as destructive as expected. But in the afternoon, the early strength dissipated, apparently in response to a resumption of rising crude prices. For now, there is no consensus on the damage to the oil industry in the hands of that vixen hurricane. This is what I said about it Friday: "It is possible this incipient 'relief rally' will serve mainly to burn off the oversold tensions in the market, rendering the path of least resistance downward. Anyway, we have nothing to indicate that any trend changes are about to appear, although we shouldn't forget that changes in the Short-term can develop rapidly. And we shouldn't forget that this is not a particularly well-organized market. Cross-currents and self contradictions have abounded throughout the past year and a half or longer. It is what we call a market of stocks as opposed to a stock market." Breadth readings were generally modestly positive, despite the afternoon weakness. The SP-500, however, was stubborn and had 236 advances against 258 declines. Bellwethers also refused to stay on the positive side with a 9-14 score. The same for Techs and New Economy Stocks with 15-16. Today's net advances were sufficient to turn the Short-term trends positive in all three of the categories in the Assumptions Table. You can get The Worden Report every market day with active TeleChart Service.

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