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Ken's Mailbag Q&A 7/16/10 - Details of "Day 1" and Latest Follow Through Day
Kenneth J. Gruneisen, Founder and Contributing Writer, www.CANSLIM.net
CANSLIM.net


 

Subscriber Questions:

July 8, 2010

Ken and Adam,

I am an avid, devout reader of your daily reports (paying member).  I also subscribe to IBD. I am baffled as to how yesterday 7/7 could have marked a follow-through day on day 4 of latest rally attempt per your After Market Update.  Which day last week was day 1 of the rally attempt? Which precise index marked the follow through? Thanks a lot.

Pratish

 
Ken's Response:

 July 16, 2010

Dear Pratish,
 
Thanks for asking a great question!  Adam pointed this out in the market commentary and I am fairly sure we repeated the analysis concerning it over the span of a few days' commentaries.

Since you are a member with FULL access to all of our past reports, you can see the Thursday, July 1st commentary which stated - "Some might say that Thursday was Day 1 of a new rally attempt due to the fact that the major averages closed in the upper half of their intra-day ranges, recovering from steep losses in the first half of the session." http://premium.canslim.net/premium/amr.aspx?D=070110

Then, headlines on 7/07/10 announced - "Indices Post Solid Gains Confirming Renewed Rally Effort - Stocks scored a follow-through day (FTD) on the fourth day of their latest rally attempt as volume, a critical component of institutional sponsorship, topped Tuesday's levels while advancers trumped decliners by more than a 3-to-1 ratio on the Nasdaq exchange and by nearly a 6-to-1 ratio on the NYSE." http://premium.canslim.net/premium/amr.aspx?D=070710

Reviewing the subject further, a "Day 1" is normally an up day, but not always!  Pages 221-223 of the new 4th edition of How To Make Money in Stocks include several examples of past market bottoms, and you can confirm this from those examples.

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Kenneth J. Gruneisen
Founder & Contributing Writer for CANSLIM.net
www.canslim.net

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