Re: [CANSLIM] "M"

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] "M"
Date: Mon, 25 Mar 2002 22:20:20 -0500

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Hi Patrick,

I think the biggest obstacle for Naz to overcome is its disproportionately
high number of tech stocks, most of which are still way under their 12 or 24
month highs. And I have little doubt that there are gizillions of shares
still held at huge losses, with some naive / optimistic hope of recovery
back to cost basis, at least. If so, that constitutes a lot of overhead
resistance, which only grows greater as time passes.

Tom Worley
stkguru@bellsouth.net
AIM: TexWorley
- ----- Original Message -----
From: "Patrick Wahl" <pjwahl@attbi.com>
To: <canslim@lists.xmission.com>
Sent: Monday, March 25, 2002 10:08 AM
Subject: Re: [CANSLIM] "M"

I kept my vix post pretty thin since no one else seemed to be commenting
much on
the market, but a few other things I've noticed - 4 indices I looked at
peaked at
about Jan. 5 - the Russell, Dow, S&P and Nasdaq.  The first 2 have exceeded
the
Jan 8 highs in the last two weeks, S&P is just hovering below those January
highs,
but the NASDAQ is still considerably below them.  I also looked at a
cumulative
advance deline line for the NYSE and the NASDAQ, and I notice the NYSE line
is
up strongly, Nasdaq line is lagging badly.

As to what it all means, that is more of a guess, but in the last big run up
in the
1990's the NASDAQ was the leader.  I don't know if leadership has changed
and the
other indices will pull the NASDAQ up, or if the NASDAQ will drag the others
down.
Anyway, NASDAQ doesn't look too healthy to me, would like to see all the
indices
looking equally strong, or even the NASDAQ leading, not the NYSE.

Yes Bill K., M is Market, last letter of CANSLIM.

On 25 Mar 2002 at 7:54, Tom Worley wrote:

> Haven't had much talk on "M" lately, aside from the one post on VIX (which
I
> agree with, by the way, it's staying too low for comfort).
>
> Took a fast look around this morning, and noticed the severe overbought
> conditions on both NYSE and NASDAQ have corrected to neutral. And 10 day
> moving average of up/down volume is now slightly negative on NYSE and
> substantially more on Naz.
>
> 10 day moving average of new highs remains moderately positive on both of
> these exchanges.
>
> The S&P500 chart looks surprisingly healthy (at least to me). And the
> Russell 2000 has done better than I perceived from my portfolios. The rest
> looked decent if they can hold in this area, or better still start
trending
> up.
>
> Tom Worley
> stkguru@bellsouth.net
> AIM: TexWorley
>
>
>
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