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

To: Johnny Canuck who wrote (39779)	6/20/2003 12:10:07 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71583

By:madtrader Fri Jun 20, 8:34am PDT $SOX Since the June 6th reversal, SOX has been working on a bear flag formation. It's comparative relative strength against SPX has been dropping as well. This is will not end well. none. By:RumorDude Fri Jun 20, 7:18am PDT short interest I am seeing unusually high short interest in most of the common ETF's -- QQQ, DIA, BBH, PPH, SMH, OIH. THe only one on that list which isn't showing high short interest in SPY, which is soemwhat odd. But nonetheless, one can argue this either way: it's indicative that most people think the market is ready for dropping - or that the high short interest will result in buy to cover's holding the market up on any drops. But it sure looks ripe for a short squeeze! none Register for our newsletter By:RumorDude Thu Jun 19, 5:52pm PDT market Just adding to mt's comments - also i think there is a lot of the feds supposed 25-50 bp cut built into the market currently (just look at that $FVX.X chart!), triple witching, and of course, window dressing is bound to take place as we head towards the end of the month. none By:madtrader Thu Jun 19, 5:44pm PDT T2108 T2107 I haven't talked about these two indicators for a while. When T2108 (Percentage of NYSE stocks above 40 DMA) exceeded 70% in April, some readers emailed and wondered if the market has peaked. I was reluctant to call it at the time, because there was no volume confirmation in major indices. What is even more astonding is the behavior of T2107 (Percentage of NYSE names above their 200 DMA), in early April, less than 40% was the reading. By the close today, it was above 87%. Both T2108 and T2107 had their highest readings since 1997. Clearly the market is sending a strong message that this rally is different from all the ones in the previous 3 years. However, at current levels, T2108 is also sending some ominous signals. Although the major indices have just showed some cracks, T2108 has been rolling over for 2 weeks now. It closed below its 50 DMA for the first time since middle of March. We have yet to see selling follow-throughs, but in my mind, rallies in the next few weeks needs to be sold or short into. none.