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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (36050)	1/31/2002 12:47:48 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68048

[madtrader] Wed Jan 30, 2:40pm PST OBV market One of the main reasons I wasn't getting bearish had to do with the fact that OBV (on balance volume) didn't trigger a sell for the major indices. Today's higher volume reversal (I believe the highest volume day since September) pushed the OBV measure for most indices higher. Even the ones that was right on the edge of rolling over flipped to the upside. These are little clues that despite the fear and loathing out there, there is plenty of money waiting in the wings to snap up bargins. Which is why I have been saying over and over again that we are in the early stage of a bull market. But it doesn't mean for many stocks out there we have seen the lows. none. [madtrader] Wed Jan 30, 2:36pm PST SMH $VIX.X Last night I had a list of stocks showing bearish engulfing pattern. One of them is SMH, the semiconductor trust. I was wondering what type of day we needed to have in order to reverse this bearish setup. After all, I have been bullish, but the chart was disagreeing with me. Well, one couldn't have asked for a better day. SMH managed to do a bullish engulfing day right after the bearish engulfing day yesterday. A very very rare occurance. Which validates my bullishness. Which is why I wrote last night that I was looking to buy and not sell. Also, on the subject of VIX. This morning when TYC gap down and the tape looked weak, it seemed all was lost. Of course, VIX spiked higher, breaking out of the 2 month long narrow range. But even then, my own signals didn't register a sell. I was fretting maybe, just maybe something is wrong with my signals. And just so happens, things turned around mid-day. I am not trying to make the case that I want to be stubbonly bullish, but sometimes jumping the gun can indeed be costly. Had to gone wildly short, I would be in a world of pain right now. Should my signals confirm