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Strategies & Market Trends : Ask DrBob -- Ignore unavailable to you. Want to Upgrade?

To: bcrafty who wrote (39928)	7/13/2001 12:25:31 PM
From: eichler	Read Replies (2) \| Respond to of 100058

bcrafty, Yes, hourlies are overbought, but can stay that way too for extended periods.... Yesterdays rally retraced the full 62% of the 7/2-7/11 decline. In other words, IMO this is now more than a technical bounce. We have already now today exceeded the expectations for a technical bounce (ST - meaning 5-8 days). I continue to favor the probability of yesterday being a break-away gap.....and continued upside for the next couple of trading sessions. As far as the earnings warnings game, the warnings were to lower the bar of earnings releases, now comes part two of the game where the lowered expectations are beat and fuel some upside..... It's a very humorous game they play....but then I got a twisted sense of humor.... Regards, Eichler