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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lee who wrote (17952)	6/14/2001 2:50:05 PM
From: r.edwards	Respond to of 30051

""One observation of technical interest yesterday was the action of the major averages versus the A-D line. For instance at 11:00 a.m. with the DJIA up 26, there were 615 net advancing issues. Even at the close, the A-D line was net negative by only 42 issues. A surprisingly good relationship like this existed throughout the session. Conclusion: We have mixed signals between the DJIA & SPX, which are recording a short-term pattern of lower tops & lower lows – the definition of a downtrend versus an A-D line that refuses to “crack”, accompanied by relatively good P-C readings. The former implies that until the pattern is broken, near-erm caution is warranted. The latter implies that further pullbacks ought not be too severe. On a trading basis, the environment is still very difficult, & we hope you now understand why we put the caveat out that we did yesterday. Regardless, BRCD acted well until the NASDAQ declined. Another example for the discipline of stop loss points. Art Huprich, CMT Technical Analyst " "

To: Steve Lee who wrote (17952)	6/14/2001 3:03:56 PM
From: Sabrejet	Respond to of 30051

Hello Steve. I'll buy into that. I still think that on the last run there were so many people that still thought there would be no way that they would be the last ones out. Remember that, oh about 15 months ago?? I'm not saying we are doomed but when we get in these modes, as in the past, we have had Super G come to the rescue for a temporary stop gap. The market has yet to walk on it's own and until it does, I don't feel comfortable jumping back in long term. Fear is starting to creep back into the picture. Time to switch to all the psychological indicators. Sabre!