LG,
The DOW got about 140 points above the intraday lows, so some sort of reversal to the upside started already.
On a subjective basis, if the market does not move up strongly within the next few days, I will become even more suspicious of its strength.
I guess what Im saying is that if the DOW doesnt pop hard immediately in the next few days to continue this upswing strongly, I may interpret that as a possible beginning of a STAIRSTEP, which could take the form of a WEDGE, PENNANT, OR FLAG.
Around 1:30 the DOW hit 9130, the high of the day so far and 140 points off the lows. Since then it has been flat/slightly down. It will be interesting to see how the market performs during the last hour of trading. I am getting the feeling that the market may not rocket upwards in the last hour of trading, but that is a simply a guess. If we close negative today, that could be a technical hint that this reversal upwards may not be that strong, and may be the beginning of a STAIRSTEP.
I checked with my broker pertaining to U.S.CLEARING and he confirmed that they will be increasing the margin requirements on internet stocks, but U.S.CLEARING has not yet released the exact week nor have they established the effective date. Also heard on CNBC that SOLOMON,SMITH BARNEY and DONALDSON,something,JENRETTE are also planning to limit margin on internet stocks.
Does anyone know or have any idea when these firms will impliment these new rules.
seeya |
