Go to Jeff Salisbury LWGate Home Page.From: "Duke Miller" <dukemill@tampabay.rr.com>
Subject: RE: [CANSLIM] Market Rally
Date: Fri, 12 Apr 2002 14:37:39 -0400
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AMEN!!!
- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Rob Miller
Sent: Thursday, April 11, 2002 4:38 PM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] Market Rally
I agree except that I don't think this rally has been meaningful enough
yet. I am also just now seeing enough distribution days to call it into
question, and most of the stocks on my watch are still moving sideways.
That and so few stocks breaking out, maybe there never was a rally. Ah,
but its all academic anyway. Besides, while some Canslim rules are easy
to interpret, others are highly ambiguous. It's most important that we
each follow a set of rules, not that we each read the rules the same
way.
Rob
- ----- Original Message -----
From: Eric <mailto:ericjaenike@yahoo.com> Jaenike
To: canslim@lists.xmission.com
Sent: Thursday, April 11, 2002 9:38 AM
Subject: Re: [CANSLIM] Market Rally
Agree that downturn materialized. As for requirement of undercutting
low, I believe that applies to very early in the nascent rally only.
Once a rally has moved the indices away from the low, the 3-5 day
distribution rule takes effect. If you waited for an undercut of the
previous low after a meaningful rally to call that rally dead, you'd be
extremely late (assuming the rollover and downtrend even bought the
indices below that previous low).
Eric
Katherine Malm <kmalm@earthlink.net> wrote:
Hi Rob,
I just read the Ask Bill column and agree the wording is confusing.
Here's what I see for recent action on the NASDAQ:
Recent low set 2/22/02, close 1696.6
By definition, a follow thru day (FTD) on 3/4/02, close 1790
Uptrend stalled and turned around 3/8/02, close 1908
While a new bull doesn't start without a FTD, a FTD doesn't necessarily
mean we are in a sustained rally.
Too many distribution days in a row makes it official, whatever chance
there was of a rally on the NASDAQ is done for--
Heavy distribution days on: 3/20/02, 4/2/02, 4/3/02, 4/9/02
Unless things change quickly, the downtrend remains intact.
Katherine
- ----- Original Message -----
From: Rob Miller <mailto:rmiller2@carolina.rr.com>
To: canslim@lists.xmission.com
Sent: Thursday, April 11, 2002 8:02 AM
Subject: [CANSLIM] Market Rally
I'm confused. I noticed that on investors.com today, WON (or whoever
answers these questions) states that there is no rally at this time
because we haven't had a FTD off recent lows. My understanding is that
a rally is intact as long as the first day of the rally attempt is not
undercut. Therefore, the rally beginning in February is still in force.
You could argue that the rally failed because so few Canslim stocks were
breaking out, but I don't recall that being a requirement to call the
rally a failure, only a measure of the rally's strength. IBD called the
last follow through day and I don't remember them calling the rally a
failure yet. I don't read IBD every day so I may be missing something,
but are they always this inconsistent. The columns on the front page
have also been questionable lately.
Rob
_____
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<BODY bgColor=3D#ffffff>
<DIV><SPAN class=3D749323718-12042002><FONT =
face=3DArial>AMEN!!!</FONT></SPAN></DIV>
<BLOCKQUOTE dir=3Dltr style=3D"MARGIN-RIGHT: 0px">
<DIV></DIV>
<DIV class=3DOutlookMessageHeader lang=3Den-us dir=3Dltr =
align=3Dleft><FONT=20
face=3DTahoma size=3D2>-----Original Message-----<BR><B>From:</B>=20
owner-canslim@lists.xmission.com =
[mailto:owner-canslim@lists.xmission.com]=20
<B>On Behalf Of </B>Rob Miller<BR><B>Sent:</B> Thursday, April 11, =
2002 4:38=20
PM<BR><B>To:</B> canslim@lists.xmission.com<BR><B>Subject:</B> Re: =
[CANSLIM]=20
Market Rally<BR><BR></FONT></DIV>
<DIV><FONT face=3DArial size=3D2>I agree except that I don't think =
this rally has=20
been meaningful enough yet. I am also just now seeing enough=20
distribution days to call it into question, and most of the stocks on =
my watch=20
are still moving sideways. That and so few stocks breaking =
out,=20
maybe there never was a rally. Ah, but its all academic =
anyway. =20
Besides, while some Canslim rules are easy to interpret, others are =
highly=20
ambiguous. It's most important that we each follow a set of =
rules, not=20
that we each read the rules the same way. </FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Rob</FONT> </DIV>
<BLOCKQUOTE=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Dericjaenike@yahoo.com =
href=3D"mailto:ericjaenike@yahoo.com">Eric=20
Jaenike</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, April 11, =
2002 9:38=20
AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] Market =
Rally</DIV>
<DIV><BR></DIV>
<P>Agree that downturn materialized. As for requirement of =
undercutting low,=20
I believe that applies to very early in the nascent rally only. Once =
a rally=20
has moved the indices away from the low, the 3-5 day distribution =
rule takes=20
effect. If you waited for an undercut of the previous low after a =
meaningful=20
rally to call that rally dead, you'd be extremely late (assuming the =
rollover and downtrend even bought the indices below that =
previous=20
low).=20
<P>Eric=20
<P> <B><I>Katherine Malm <kmalm@earthlink.net></I></B> =
wrote:=20
<BLOCKQUOTE=20
style=3D"PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #1010ff =
2px solid">
<META content=3D"MSHTML 6.00.2600.0" name=3DGENERATOR>
<STYLE></STYLE>
<DIV>Hi Rob,</DIV>
<DIV> </DIV>
<DIV>I just read the Ask Bill column and agree the wording is =
confusing.=20
Here's what I see for recent action on the NASDAQ:</DIV>
<DIV> </DIV>
<DIV>Recent low set 2/22/02, close 1696.6</DIV>
<DIV>By definition, a follow thru day (FTD) on 3/4/02, close=20
1790</DIV>
<DIV>Uptrend stalled and turned around 3/8/02, close 1908</DIV>
<DIV>While a new bull doesn't start without a FTD, a FTD doesn't=20
necessarily mean we are in a sustained rally.</DIV>
<DIV>Too many distribution days in a row makes it official, =
whatever=20
chance there was of a rally on the NASDAQ is done for--</DIV>
<DIV> </DIV>
<DIV>Heavy distribution days on: 3/20/02, 4/2/02, 4/3/02, =
4/9/02</DIV>
<DIV> </DIV>
<DIV>Unless things change quickly, the downtrend remains =
intact.</DIV>
<DIV> </DIV>
<DIV>Katherine</DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- =
</DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Drmiller2@carolina.rr.com=20
href=3D"mailto:rmiller2@carolina.rr.com">Rob Miller</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, April 11, =
2002 8:02=20
AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] Market =
Rally</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3DArial size=3D2>I'm confused. I noticed =
that on=20
investors.com today, WON (or whoever answers these questions) =
states=20
that there is no rally at this time because we haven't had a FTD =
off=20
recent lows. My understanding is that a rally is intact as =
long as=20
the first day of the rally attempt is not undercut. =
Therefore, the=20
rally beginning in February is still in force. You could =
argue=20
that the rally failed because so few Canslim stocks were =
breaking out,=20
but I don't recall that being a requirement to call the rally a =
failure,=20
only a measure of the rally's strength. IBD called the =
last follow=20
through day and I don't remember them calling the rally a =
failure=20
yet. I don't read IBD every day so I may be missing =
something, but=20
are they always this inconsistent. The columns on the =
front page=20
have also been questionable lately. </FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial =
size=3D2>Rob</FONT></DIV></BLOCKQUOTE></BLOCKQUOTE>
<P><BR>
<HR SIZE=3D1>
<B>Do You Yahoo!?</B><BR><A=20
href=3D"$rd_url/welcome/?http://taxes.yahoo.com/">Yahoo! Tax =
Center</A> -=20
online filing with TurboTax</BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>
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