Posted by doctormike on 30th of Oct 2009 at 09:04 am
jcomptonod... Yes, it will be nice to hear the preferred count,
as long as all other counts are also discussed. The thing
that most of us missed was chart no. 17 on Wednesday's
analysis. Daily McClellan was extremely oversold and it was
at the lowest level since the March rally started. Matt spent
majority of the time on Wednesday's analysis to discuss the bearish
case and spent less than 5 seconds on that one chart. Of
course, that's what ended up happening on Thursday. With an
extremely oversold condition and a positive GDP number, boom....we
got a "rally", not a "bounce". Sure, hindsight is always
20/20, but like you said, that's why we subscribe to sites like
this so you don't have to "throw a dart".
You may want to ponder this chart about what such a low NAMO
reading is likely to represent over time. I will be watching
for DIVERGENCE to form as a better indication of a SUSTAINABLE
rally.
This chart was forwarded to me but it makes a valid point.
jcomptonod... Yes, it will be
Amazing newsletter last night, Steve
Posted by doctormike on 30th of Oct 2009 at 09:04 am
jcomptonod... Yes, it will be nice to hear the preferred count, as long as all other counts are also discussed. The thing that most of us missed was chart no. 17 on Wednesday's analysis. Daily McClellan was extremely oversold and it was at the lowest level since the March rally started. Matt spent majority of the time on Wednesday's analysis to discuss the bearish case and spent less than 5 seconds on that one chart. Of course, that's what ended up happening on Thursday. With an extremely oversold condition and a positive GDP number, boom....we got a "rally", not a "bounce". Sure, hindsight is always 20/20, but like you said, that's why we subscribe to sites like this so you don't have to "throw a dart".
NAMO - One Chart to Analyze
Posted by steve on 30th of Oct 2009 at 09:22 am
You may want to ponder this chart about what such a low NAMO reading is likely to represent over time. I will be watching for DIVERGENCE to form as a better indication of a SUSTAINABLE rally.
This chart was forwarded to me but it makes a valid point.
After looking at the daily
Posted by doctormike on 30th of Oct 2009 at 09:15 am
After looking at the daily McClellan, I found an interesting observation.
10/28/09 McClellan -336.21
02/23/09 McClellan -359.34
11/20/08 McClellan -312.62
What happened on 02/24/09 and 11/21/08?
02/24/09 S&P rallied 3.82%
11/21/08 S&P rallied 5.84%
What happened on 10/29/09?
10/29/09 S&P rallied 1.9% - the biggest "rally" percentage wise since early July.