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

To: Johnny Canuck who wrote (40985)	4/8/2004 2:08:50 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70979

The Worden Report (Wednesday, April 7, 2004) Mixed All three major averages appear to be in Minor Trend tops and could be reclassified as early as tomorrow. However, it was a mixed day. No really virulent weakness, except in the Dow itself and among high-cap tech stocks. The Dow had 28 losers. My 31 high-profile tech stocks had 21 losers and my 14 Bellwethers had 13 declines (stocks like INTC, WMT, and GM were hit hard). To balance the blue chips' rough ride, there were a majority of winners in the SP Smallcaps (SML--X) and the Russell 2000 secondaries (RUT-X). Stocks with high growth eked out a 123 to 112 score and the Leadership Index was modestly positive. The Midcap average (MID--X) was up along with the Smallcaps. It's the appearance of the charts of the Dow, SP-500 and Nasdaq (COMPQX) that leads me to believe we are probably about to begin a Minor downtrend. But it hasn't started yet. -DW [Harry: Hard to say what the market direction will be. I am still looking for a counter rally for just after the holiday. Zeev is predicting another market swoon around April 14, so that may be the stat of the pullback. Right now it is important to see how the good earnings from YHOO and RIMM effect the market. If it is sell the good news, it is time to move to the sidelines.]