Go to Jeff Salisbury LWGate Home Page.From: "Duke Miller" <dukemill@tampabay.rr.com>
Subject: RE: [CANSLIM] Today's big picture/m
Date: Wed, 31 Jul 2002 13:15:40 -0400
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This is a multi-part message in MIME format. - ------=_NextPart_000_005D_01C23894.613A9660 Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Eric: Great comments and input. Thank you. Duke - -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com] On Behalf Of Eric Jaenike Sent: Wednesday, July 31, 2002 11:33 AM To: canslim group Subject: [CANSLIM] Today's big picture/m A quick note on today's Big Picture. Referring to action on the S&P, the author states that price/volume action implies "mild accumulation". I strongly disagree with that. I consider the action on that index to be a sign of distribution as well, as it is indicative of stalling action. From HTMMIS, 2nd edition, pg. 50: "On one of the days in the uptrend, the total volume for the market will increase over the preceding day's high volume, but the Dow's (or any index) closing average will show stalling action, or substantially less upward movement, than on the prior few days". One other note: the Nasdaq is the only primary index to have flashed a follow through (not including the S&P 600). It also was the index that experienced the nasty give back last Thursday. That giveback was not a good sign. Also, the news that drove the giveback was ominous: Taiwan Semiconductor, the largest chip fab in the industry, announced a nasty revenue miss, revenue guidedown, capex reduction, and capacity utilization reduction to 70%. That is a terrible sign for the chip industry going forward. Also of interest is the NVDA miss last night, as they sell into the PC industry (as well as to Xbox, but I consider that to be an unimportant segment). So far, I consider the action in this latest rally to be very poor. For those interested in another item to watch, I think the action in MSFT, C, and JPM are of some importance (as well as the XLF in general). Their breaks and subsequent (poor) rebounds are, in my opinion, an important tell on where the market is. Eric _____ Do You Yahoo!? Yahoo! Health <http://health.yahoo.com/> - Feel better, live better - ------=_NextPart_000_005D_01C23894.613A9660 Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: quoted-printable <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META HTTP-EQUIV=3D"Content-Type" CONTENT=3D"text/html; = charset=3Dus-ascii"> <TITLE>Message</TITLE> <META content=3D"MSHTML 6.00.2716.2200" name=3DGENERATOR></HEAD> <BODY> <DIV><SPAN class=3D765271517-31072002><FONT = face=3DArial>Eric:</FONT></SPAN></DIV> <DIV><SPAN class=3D765271517-31072002><FONT = face=3DArial></FONT></SPAN> </DIV> <DIV><SPAN class=3D765271517-31072002><FONT face=3DArial>Great comments = and=20 input. Thank you.</FONT></SPAN></DIV> <DIV><SPAN class=3D765271517-31072002><FONT = face=3DArial></FONT></SPAN> </DIV> <DIV><SPAN class=3D765271517-31072002><FONT = face=3DArial>Duke</FONT></SPAN></DIV> <BLOCKQUOTE 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>Eric Jaenike<BR><B>Sent:</B> Wednesday, July 31, = 2002=20 11:33 AM<BR><B>To:</B> canslim group<BR><B>Subject:</B> [CANSLIM] = Today's big=20 picture/m<BR><BR></FONT></DIV> <P>A quick note on today's Big Picture. Referring to action on the = S&P,=20 the author states that price/volume action implies "mild = accumulation". I=20 strongly disagree with that. I consider the action on that index to be = a sign=20 of distribution as well, as it is indicative of stalling = action. From=20 HTMMIS, 2nd edition, pg. 50: "On one of the days in the uptrend, the = total=20 volume for the market will increase over the preceding day's high = volume, but=20 the Dow's (or any index) closing average will show stalling action, or = substantially less upward movement, than on the prior few days".</P> <P>One other note: the Nasdaq is the only primary index to have = flashed a=20 follow through (not including the S&P 600). It also was the index = that=20 experienced the nasty give back last Thursday. That giveback was not a = good=20 sign. Also, the news that drove the giveback was ominous: Taiwan=20 Semiconductor, the largest chip fab in the industry, announced a nasty = revenue=20 miss, revenue guidedown, capex reduction, and capacity utilization = reduction=20 to 70%. That is a terrible sign for the chip industry going forward. = Also of=20 interest is the NVDA miss last night, as they sell into the PC = industry (as=20 well as to Xbox, but I consider that to be an unimportant = segment).</P> <P>So far, I consider the action in this latest rally to be very poor. = For=20 those interested in another item to watch, I think the action in MSFT, = C, and=20 JPM are of some importance (as well as the XLF in general). Their = breaks and=20 subsequent (poor) rebounds are, in my opinion, an important tell on = where the=20 market is.</P> <P>Eric</P> <P><BR> <HR SIZE=3D1> <B>Do You Yahoo!?</B><BR><A href=3D"http://health.yahoo.com/">Yahoo! = Health</A>=20 - Feel better, live better</BLOCKQUOTE></BODY></HTML> - ------=_NextPart_000_005D_01C23894.613A9660-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email.
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