Well, what d'you know. Yesterday at this time I was looking at 15 to 1 Down to Up volume. What difference a day make! Have we finally / finally made IT lows? Any thoughts? Thanks.
Now we have 19 to 1 Up/Down volume on NYSE
Started by
gti_99
, Aug 29 2007 03:26 PM
5 replies to this topic
#2
qqqqtrdr
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Posted 29 August 2007 - 03:41 PM
We had the same thing a couple months ago, before we went lower. However, I think what we are seeing is scaring investors which is typical of a bottom. The big difference is that McClellan Summation has dropped real low in the negative ( -750 ), and we should see a rise to close to 0 before we need to see a top. Short term, we need to see increasing volume over the next 4 - 6 trading days with a higher market to be sure.
#3
danzman
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Posted 29 August 2007 - 03:56 PM
Well, what d'you know. Yesterday at this time I was looking at 15 to 1 Down to Up volume. What difference a day make! Have we finally / finally made IT lows? Any thoughts? Thanks.
Yes, an IT bottom. Most contrarian analysis supports it...second 90%+ up volume day since the bottom. Charts support the bottoming process after stopping everyone out. COT is bullish. Fed is on a rate lowering cycle. Most fundamentally aligned traders are looking for a recession (so they're not buying). I'm hearing nothing but "Credit Crunch" and parallels to 1987. Even my tax guy is telling me that everything is going to fall apart. In other words...it's a bottom just like the rest of the bottoms we've seen over the years.
D
I don't make predictions, I just react.
#4
airedale88
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Posted 29 August 2007 - 04:00 PM
Well, what d'you know. Yesterday at this time I was looking at 15 to 1 Down to Up volume. What difference a day make! Have we finally / finally made IT lows? Any thoughts? Thanks.
had some data on it, can't find the paperwork. 19 to 1 NYSE up/down volume very bullish for the intermediate term. confirms the lows are in.
airedale
Outspeaks the Squire, "Give room, I pray,
And hie the terriers in;
The warriors of the fight are they,
And every fight they win".
Ring-Ouzel, England
Outspeaks the Squire, "Give room, I pray,
And hie the terriers in;
The warriors of the fight are they,
And every fight they win".
Ring-Ouzel, England
#5
redfoliage2
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Posted 29 August 2007 - 04:15 PM
qti: The wild swings in the A/D and the price indicates market is making an IT bottom. However, near term this could lead into another swing. Depending on your time frame, I would not chase tomorrow. Good trading.Well, what d'you know. Yesterday at this time I was looking at 15 to 1 Down to Up volume. What difference a day make! Have we finally / finally made IT lows? Any thoughts? Thanks.
Edited by redfoliage2, 29 August 2007 - 04:18 PM.
#6
gti_99
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Posted 29 August 2007 - 04:22 PM
Red, thanks for your advice. I hate to sound like a broken record but your RF2 indicator did it again. Your flashed a BUY at about 10:12 this morning, and as they say, the rest is in the history. Great work! Thanks for sharing!
