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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Venkie who wrote (38888)	7/12/2001 2:09:39 PM
From: Sully-	Read Replies (1) \| Respond to of 65232

From: Drbob512 Thursday, Jul 12, 2001 1:55 PM *** TA Update (intra-day) *** The Dow and Nasdaq have rallied strongly so far today, and the market internals support a firm close as well. Traders are encouraged by the positive Microsoft pre-announcement and Yahoo reporting better than expected earnings, and the market was moderately oversold anyway, with my main Oscillator at -100 yesterday. Selling pressure has dissipated for now, though we may see some weakness near the close of Friday. Currently the Nasdaq TRIN is a very positive .34, with a/d of 23/11 (exceeding my criterion for very positive breadth and reaching my criterion for extreme positive breadth thus far in the session=implications for a firm close). Up/down volume is also very positive at 11/2, with overall volume of 1.15B shares, projecting to around 1.9-2.1B shares, slightly above the recent average but not high enough (yet) to signal a new bullish uptrend in the intemediate term. The Nasdaq has broken above some resistance at 2045, and now should attack 2074 resistance before the week is over. We shall see if the next rally day can provide heavier volume which can indicate accumulation rather than distribution. The NYSE TRIN is a positive .76, a pretty good reading for that index that is less volatile than the Nasdaq. The Dow has broken above 10,300 resistance, and may approach 10,500 resistance in the next few days. The a/d is 3/2 (also meeting the criterion), with up/down volume of 2/1, on overall volume that is heavy at 820M shares. It appears that this market can close firmly today, and have positive action in the early hours on Friday. We shall see how the market internals look then, to get a signal of the odds of continuing this rally and for how long, which may still be a technical rally within an intermediate term downtrend. Ö¿Ö