Go to Jeff Salisbury LWGate Home Page.From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] Do we quit counting?
Date: Fri, 10 May 2002 21:43:10 -0400
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As I see it, volume on Wednesday was significant, even allowing for a =
lot of it being short covering.
Volume on Thursday and Friday, on the DOW, Naz and NYSE Composite among =
others, was much lower by comparison, in some cases not even up to ADV.
NYSE Comp today closed right where it started the big rally on Wed, that =
concerns me. But I am still counting for the FTD, since nothing counts =
meaningfully for me until starting next Tue. With a downtrending market, =
the big move on Wed was bound to bring out sellers, especially if a lot =
of it was short covering. Shorts lick their wounds in a rally, then =
short again at a higher price.
Tom Worley
stkguru@bellsouth.net
AIM: TexWorley
- ----- Original Message -----=20
From: rolf hertenstein=20
To: canslim@lists.xmission.com=20
Sent: Friday, May 10, 2002 9:38 PM
Subject: [CANSLIM] Do we quit counting?
Still trying to figure out WON rules regarding recognizing M bottoms.
Looks to me like the attempted rally is a bust after today, because:
1. we had distribution on the NYSE and NASD (though small volume=20
increases on both)
2. the NASD close low (1600) and close (1601) were both below the
intraday low on Wednesday, though the DOW held, and I'm not sure
about the S&P.
Comments? From Eric's analysis, Wednsday may have been a wishful
return to irrational exuberance based on CSCO's improved earnings.
Rolf
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<DIV><FONT face=3DArial>As I see it, volume on Wednesday was =
significant, even=20
allowing for a lot of it being short covering.</FONT></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV><FONT face=3DArial>Volume on Thursday and Friday, on the DOW, Naz =
and NYSE=20
Composite among others, was much lower by comparison, in some cases not =
even up=20
to ADV.</FONT></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV><FONT face=3DArial>NYSE Comp today closed right where it started =
the big=20
rally on Wed, that concerns me. But I am still counting for the FTD, =
since=20
nothing counts meaningfully for me until starting next Tue. With a =
downtrending=20
market, the big move on Wed was bound to bring out sellers, especially =
if a lot=20
of it was short covering. Shorts lick their wounds in a rally, =
then short=20
again at a higher price.</FONT></DIV>
<DIV> </DIV>
<DIV>Tom Worley<BR><A=20
href=3D"mailto:stkguru@bellsouth.net">stkguru@bellsouth.net</A><BR>AIM:=20
TexWorley</DIV>
<DIV style=3D"FONT: 10pt arial">----- Original Message -----=20
<DIV style=3D"BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A=20
title=3Drolfh@mindspring.com href=3D"mailto:rolfh@mindspring.com">rolf=20
hertenstein</A> </DIV>
<DIV><B>To:</B> <A title=3Dcanslim@lists.xmission.com=20
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
</DIV>
<DIV><B>Sent:</B> Friday, May 10, 2002 9:38 PM</DIV>
<DIV><B>Subject:</B> [CANSLIM] Do we quit counting?</DIV></DIV>
<DIV><BR></DIV>
<DIV><CODE><FONT face=3DArial size=3D2>Still trying to figure out WON =
rules=20
regarding recognizing M bottoms.</FONT></CODE></DIV>
<DIV><CODE><FONT face=3DArial size=3D2></FONT></CODE> </DIV>
<DIV><CODE><FONT face=3DArial size=3D2>Looks to me like the attempted =
rally is a=20
bust after today, because:</FONT></CODE></DIV>
<DIV><CODE><FONT face=3DArial size=3D2>1. we had distribution on the =
NYSE and NASD=20
(though small volume </FONT></CODE></DIV>
<DIV><CODE><FONT face=3DArial size=3D2> increases on=20
both)</FONT></CODE></DIV>
<DIV><CODE><FONT face=3DArial size=3D2>2. the NASD close low (1600) and =
close (1601)=20
were both below the</FONT></CODE></DIV>
<DIV><CODE><FONT face=3DArial size=3D2> intraday low =
on Wednesday,=20
though the DOW held, and I'm not sure</FONT></CODE></DIV>
<DIV><CODE><FONT face=3DArial size=3D2> about the =
S&P.</FONT></CODE></DIV>
<DIV><CODE><FONT face=3DArial size=3D2></FONT></CODE> </DIV>
<DIV><CODE><FONT face=3DArial size=3D2>Comments? From Eric's =
analysis,=20
Wednsday may have been a wishful</FONT></CODE></DIV>
<DIV><CODE><FONT face=3DArial size=3D2>return to irrational exuberance =
based on=20
CSCO's improved earnings.</FONT></CODE></DIV>
<DIV><CODE><FONT face=3DArial size=3D2></FONT></CODE> </DIV>
<DIV><CODE><FONT face=3DArial =
size=3D2> Rolf</FONT></DIV></CODE></BODY></HTML>
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