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

To: bcrafty who wrote (46037)	10/17/2001 7:47:54 AM
From: shoreco	Respond to of 100058

bcrafty.. Today will tell the real story if this rally is for real. Yesterday morning I wrote a post that read "if the market comes back and closes at the highs, I too will be a believer". Well it did, and I still had my doubts, but then INTC came out with a horrendous report and started to sell off and I believed I still had my doubts for a reason (bad earnings and guidance going forward). Then Big Blue comes out with a half a$$ report and they say "We guess the next quarter looks realistic", and the "Halt" gets lifted and it's off to the races. I believe they want to rally and they want to rally hard. Ok, enough of how I feel, now let's talk about some TA. Here's what happening, The 30min and 60min indicators keep rolling but they reset to the upside before they can pull down the dailies (Intraday cup and handles). The daily and weekly indicators say this rally can go another leg higher and the monthly indicators say we can rally right into the holidays (can you say the 200ma). The vix/vxn, McClellan and summation indices all support an extended rally. Today we blow through the 50ma's and if we can close above them they will become the new support line. Now the big question is, "How much higher than the 50's can we go before we come back and test them". I'm guessing 3-5% above yesterday's close. I admit, it took a lot for me to see what's happening here. This won't stop until the 4th qtr. warnings start rolling in (Unemployment, GDP, CPI,Anthrax all mean nothing..LOL..)By then we can be up another 15% and if you look at the big picture it will put us right at the May highs. By then we will either continue up because things did turn around or the Bear will continue with the classic case of a double top. What are your thoughts ??? Oh, and INTC gets upgraded from ML......