RE: [CANSLIM] market bottom

From: "Katherine Malm" <kmalm@earthlink.net>
Subject: RE: [CANSLIM] market bottom
Date: Mon, 28 Apr 2003 08:12:11 -0500
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Hi Roger,

The beginning of an "attempted" rally is simply a close up from the prior
day. Volume isn't a concern, because all you are looking for in a day like
this is the ability of the index to close on an "up note" after a string of
down days. Once that attempted rally starts, you are *then* in the 3rd
through 10th day following that first attempted "up" day, you are  looking
for an up day on 1-2% more volume than prior day (the FTD) . That "confirms"
that the first day of the attempted rally (regardless of the volume) wasn't
a fluke, but the beginning of a new underlying trend/direction for the
index.

See also http://www.market-tester.com/newft.htm for Bill Lee's explanation
of the attempted rally/follow through day.

Katherine

>  -----Original Message-----
> From: 	owner-canslim@lists.xmission.com
> [mailto:owner-canslim@lists.xmission.com] 
> Sent:	Sunday, April 27, 2003 8:35 PM
> To:	CANSLIM
> Subject:	[CANSLIM] market bottom
> 
> Hi all,
> 
> I'm studying lesson 14 in WON's 24 essential lessons, and I have a
> question about the first day of any attempted rally.
> 
> On page 78, WON says that oct 8th represents the start of a new rally.
> However, this day's volume is down quite a bit from the previous day.
> Does this mean that a rally can start when an index is up 1% or more,
> regardless of volume?  Is it only a follow through day that needs to be up
> 1% or more *and* have increased volume?  Thanks.
> 
> =================================================
> Roger Tawa
> http://tawacentral.net/
> [One thing about paradigms: shift happens.]
> [When you stop, you're done.]
> 

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