ajtj99's Market Pulse

[plexxus]

>>>On the BKX, plexxus... if you use the first low after the price high to draw your lower line, it becomes something quite much like a channel. Obviously, in either case, a move out of the top is bullish (and would provide that rally leadership I keep asking about), but a trip to the bottom of the channel (or the wedge) for a third touch could also happen, couldn't it?>>>

Hi Freep...certainly its possible but I like the fact that the BKX held its prior low on the last move down...you could term it some type of double bottom pattern. Its certainly subject to individual interpretation. My overall take here is that the banks and transports are setting up nicely while the semi's look like they could use a mild pullback off resistance to setup their patterns better. Per the transports they key stocks in the group including LSTR, FDX, UPS are all in bullish patterns (my interpretation).

>>>Dow once again turned back by 10950. Getting old, I tell ya.>>>

I agree...that 11k resistance is tough. We've literally been in a 400 point range on the Dow over the past 3 months or so. The BB's must be pinched VERY tight.