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Strategies & Market Trends : Timing the Trade the Wyckoff Way -- Ignore unavailable to you. Want to Upgrade?

To: coferspeculator who wrote (104)	5/27/2004 5:16:02 PM
From: coferspeculator	Respond to of 14340

Today, the market traded higher on increased volume ending the day in the top third of its range in a nearly overbought condition. Demand continues to exert its influence with a reaction intra-day only occurring as demand was withdrawn. In the afternoon demand again entered the market and it moved back towards the highs of the day. Today's action found demand following prices up and confirmed yesterdays withdrawal of demand identified by the limited spread and lower volume after Tuesdays important move. Further progress will allow the market to weaken the important supply line off the years highs. With the market having in a nearly overbought condition a reaction is expected shortly. This will become more likely if the market enters a overbought condition. At this moment it is not possible to determine how much supply might come into the market but the failure of any to show in the past several days and the continued strength showing in speculative pressure does indicate that the reaction shouldn't be severe. The character of the action during the reaction period will provide evidence for the the next move.

To: coferspeculator who wrote (104)	5/28/2004 8:34:22 AM
From: coferspeculator	Read Replies (1) \| Respond to of 14340

Watch List Stocks-Activity for May 27 This is one of several stocks mentioned in Today's Watch List TYC-This favorite from May '03 has done just about everything right for over a year. The counts from the LPS for both the one and three point charts offered identical $39 targets and profits to-date of over 150%. The support line has held for the entire move and the recent stepping stone count from the spring in May has two phases with the second one near the targets identified over a year ago. There had been no ending action of any significance and the recent trading range for the past 10 weeks had TYC stronger than the market. The potential SOS from the spring found TYC starting the jump of the creek across the tops of the recent trading range high with an increased spread and high volume. The back up will important as this is the area in which a #1 spring resulted in the first potential PSY/SC action in early /02. This area did not turn out to be the end of the downtrend, however, with the actual SC occurring months later. If the backup occurs with reduced spread and lower volume this would be very positive indicating that the most of the supply remaining from '02 has been absorbed. If high volume continues to come in with an increased spread to the downside, then an upthrust may be occurring. It would then be important to see how the long term support line held up. At this moment, while it shouldn't be assumed that supply of this magnitude would be forthcoming, it is still advisable to wait for the reaction and judge the character of the action before adding to or taking new positions in TYC.