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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk -- Ignore unavailable to you. Want to Upgrade?

To: rogermci® who wrote (38504)	2/19/2009 9:02:07 AM
From: da_cheif™	1 Recommendation Read Replies (1) \| Respond to of 207907

1%......seems like im the only one here.......snort....this is how bottoms are made.........watch the sky...... The November close of last year, the lowest close of the year on the Dow, was 7,552.29. Today's close was 7,552.60. Confirmation by the Dow of the new closing low of the Transports would have been a confirming signal for the continuation of the bear market according to Dow theory. The close in the DJT failed to confirm the bullish statement of other indexes today. The most bullish is a powerful indication of a potential intermediate-term bottom in the market. On October 10th of last year, there were 2901 52 week lows on the New York Stock Exchange. It was an amazing number and it comprised almost 90 percent of the issues traded on the New York Exchange which went to 52 week lows on that one day. That is what is called an internal market bottom, internal because it awaits an external bottom that would be indicated by closing prices. The DJI went to a new closing low on November 20th of last year, the number of 52 week lows contracted dramatically although there were still an amazingly high 1894 52 week lows that day. Here we are, three months later, and the DJI has just tested that closing low. The official number of 52 week lows on the New York Stock Exchange from the Wall Street Journal shows an amazingly low 225 52 week lows registered today. The market could not have sent out a stronger message concerning its intentions. In the midst of apparently outright despair by Wall Street, we are seeing a market bottom. THIS WAS emailed to me from another thread.....but puts into words what i see....