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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (25113)4/9/1999 3:43:00 AM
From: J.T.  Read Replies (1) of 50167
 
IQ, This is one of the most thought-provoking answers one could ever ask for. "Thank you" from the heart for taking the time to answer. If I may be humble enough to prod some more: Your observation with RUT is right on. I have serious concern here (RUT) as well but first a sidenote... When I mentioned day before last of BKX and C break-out I said "run for roses has commenced". I did not say this lightly. Most of other market indices were in red at time but I could see reversal north being led by BKX single-handedly pulling all indices to the end of day record and today's record across the board (DOW, SPX, NAZ). This "run for roses" could end at anytime and my bias says it ends this month then we go back and test 50 DMA (and inevetably 200 DMA)... Back to RUT. As you can obviously see, RUT is now at a perfect textbook head and shoulders top. It needs to get through 402 and 406 for 2 consecutive days immediately. Any break in here could be cancerous to health of Nifty Fifty. I view this as now imperitively important as BKX. Please help me with this concern: If RUT fails to follow through in market advancement, can this bad apple spoil the whole bunch? Also, we have had about 17+ straight days new lows have topped new daily highs. At what point does this permeate run for roses? Lastly, 5-day TRIN closed below.75 (overbought) and this reading is higher than July 17. Do you use this tool in your model? Any surprises in PPI in store? Please forgive me for rambling on. I always look forward to your cogent answers and pupil always wants to learn more. Faithfully. J.T.
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