User [gary fullett /172.138.106.217] joined forum on Wed Jun 28 20:55:00 EDT 2000
User [mrj /209.16.79.16] joined forum on Wed Jun 28 20:59:38 EDT 2000
<mrj> hi gary
User [lmarsh /12.14.197.177] joined forum on Wed Jun 28 20:59:56 EDT 2000
<gary fullett> hi how r u?
<mrj> fine hi lmarsh
<lmarsh> hello guys
<lmarsh> everyone getting plenty of rain?
<mrj> yes every day here
<mrj> typical summer time showers
<gary fullett> little rain here today not much
User [Capt /24.95.192.130] joined forum on Wed Jun 28 21:01:24 EDT 2000
<lmarsh> how's the grass doing?
<mrj> hi Capt
<lmarsh> Hello Capt
<Capt> Hi guys
<gary fullett> pretty well so far
<Capt> Going through all the back charts is tiring me out but it is fun tired
<gary fullett> did u all get charts
<gary fullett> capt do they help u?
<Capt> some day I will be up to speed
<gary fullett> take your time
User [wyatt /166.93.111.142] joined forum on Wed Jun 28 21:03:27 EDT 2000
<Capt> Love them and presents a new and informative view
<mrj> hi wyatt
<lmarsh> got charts, hi Wyatt
<wyatt> hi everyone
<mrj> yes on charts gary
<Capt> They are real purddy cause iuse my colored gel pens
<gary fullett> great
<wyatt> me too, i have charts
<gary fullett> wonderful
User [Guest /204.119.225.75] joined forum on Wed Jun 28 21:05:18 EDT 2000
<mrj> hi guest
<gary fullett> great does anyone have any questions
<Guest> hi
<Capt> had to go get my charts
<gary fullett> okay
<gary fullett> there are several charts that ar interesting that I sent u
<gary fullett> lets start with OJ
<gary fullett> this is a very interesting chart
<Capt> got 'em
User [amos /62.0.147.154] joined forum on Wed Jun 28 21:08:01 EDT 2000
<wyatt> -4.15 today yikes
<gary fullett> yes
<gary fullett> hi amos
<gary fullett> this market as we have mentioned
<lmarsh> hello amos
<amos> hi
<gary fullett> has been going ideways for quite some time
<gary fullett> and finally jumped over the creek
<gary fullett> at the 8500 area
<gary fullett> do u see this?
<wyatt> y
<Capt> y
<lmarsh> y
<Capt> jumped with a gap
<gary fullett> now one would expect a raly after this jJOC ( jump over the creeK)
<gary fullett> right capt
<gary fullett> it did rally sharply the next day
<gary fullett> over the next 5 days the market traded sideways to lower
<gary fullett> the break on the fifth day
<gary fullett> was back near the breakout area
<Capt> not uncommon right?
<gary fullett> in sept it came to the creek area
<gary fullett> in sept it was about 80 points away
<gary fullett> right capt
<gary fullett> what is important to see after this retest
<gary fullett> is a rally
<mrj>
<gary fullett> but before I get there
<gary fullett> lets suppose u didnt but that trading range
<gary fullett> and it JOC
<gary fullett> when is the next safest time to buy
<gary fullett> it is at the creek area
<lmarsh> @ retest
<wyatt> on a retest of JOC ?
<gary fullett> right
<gary fullett> well in july u had a great retest
<gary fullett> but in sept not so defined
<gary fullett> would have been tough to buy that on that day friday
<gary fullett> but on a weekly chart it made a higher high
<gary fullett> and close higher
<gary fullett> so this was a good weekly close but not a great daily close see this?
<lmarsh> y
<wyatt> 6/ 23 right
<gary fullett> si u probably would nt have bought it
<gary fullett> so we must wait for a retest
<amos>
<gary fullett> of miss part of the move
<gary fullett> after the retest
<gary fullett> the market rallied for 2 days
<gary fullett> look at the volume/
<gary fullett> ?
<mrj> low from 6-20
<mrj> no follow through demand
<gary fullett> Right
<lmarsh> agree
<gary fullett> low volume do u see this?
<Capt> y
<Guest>
<wyatt> y
<gary fullett> even though the market rallied
<gary fullett> and went to the high
<gary fullett> the retest was on light volume
<gary fullett> now one can say that this is a lack of supply
<gary fullett> but if the market did JOC
<gary fullett> and retest
<gary fullett> which it did
<gary fullett> the rallies should be on heavier volume the the break
<gary fullett> the retest on light volume was suspect
<gary fullett> I had several clients today who called me and wanted to buy
<gary fullett> I said that they should wait for more demnd
<gary fullett> and NOT buy into resistance
User [mrj /209.16.79.16] joined forum on Wed Jun 28 21:20:59 EDT 2000
<gary fullett> do u see this retest of resistance on light volume
<gary fullett> ?
<Capt> y
<mrj> puter crashed
<wyatt> y
<lmarsh> yes
<gary fullett> so a retest on light volume
<gary fullett> suspect at best
<gary fullett> u may not want to short
<lmarsh> good tell. be glad when I recognize it real time. : )
<gary fullett> but u shouldnt buy
<gary fullett> well today u could have sold the previous high from last week with a stop loss above it about 200 points
<gary fullett> 300 risk
<gary fullett> I didnt think it would break so high
<mrj> today's low stayed above untrend line from low of 4-28
<mrj> up
<gary fullett> low not high
<lmarsh>
<gary fullett> yes mr j
<gary fullett> I want to comment on that
<gary fullett> the market did go limit down today
<gary fullett> but didnt clsoe limit down
<gary fullett> this to me means that people were willing to buy the market limit down today
<gary fullett> and this is not bearish for action tomorror
<gary fullett> the range was large today
<gary fullett> so u can easily see a 200 point rally tomorrow
<gary fullett> I think the market will then stay in a trading range
<gary fullett> and will make a move after this range is carved out
<gary fullett> need to form a traingle as some call it
<gary fullett> but the break into the creek area
<gary fullett> and thur it to me may be designed to take out stops
<gary fullett> questions? on OJ
<Capt> n
<lmarsh> interesting!
<Guest>
<gary fullett> I dont think the up move is over I think this was a spot to try to get long soon
<gary fullett> and the deep break was to get sell stops
<gary fullett> questions?
<Capt> by whom?
<mrj> if today's low holds, could we see a higher trading range than what we have been having
<gary fullett> thoughts ideas/
<gary fullett> Yees I believe so and I think u will see that
<mrj> 83 to 88 about maybe
<gary fullett> yeah could be that
<gary fullett> then a move to the 95-100 area
<gary fullett> the cm capt
<gary fullett> to get the longs out
<Capt> ok wanted to make sure I understood
<gary fullett> I want u to understand :)
<gary fullett> since amos mentioned gold last night and it made a move today
<gary fullett> and I mentioend that it looked good last night !!!
<gary fullett> I will amos talk on the gold
<gary fullett> since now we have a daily chat and a weekly chart
<gary fullett> amos is u please
<amos> Nothing much to say here--we are testing the top of the small range. If today's volume was strong
<amos> it can qualify as a sign of strength within the range and should take out stops around 300.
User [gtb /216.228.38.127] joined forum on Wed Jun 28 21:35:57 EDT 2000
<amos> What it does above the range will be crucial. It was a worthwhile scalp long 3 days ago, and now It is wait and see
<mrj> hi gtb
<gtb> hi all
<gary fullett> well I would like to go over the daily chart of gold
<gary fullett> the market made a low last May
<gary fullett> then the market 5 days later
<gary fullett> had a sharp rally
<gary fullett> this to me was the beginning of some demand
<gary fullett> in the begining of June
<gary fullett> the market rallied
<gary fullett> to the 295-295 area
<gary fullett> and then broke back down
<gary fullett> then made a newer high
<gary fullett> and failed
<gary fullett> so the market develpoed a range between
<gary fullett> the strong day at 282
<gary fullett> area
<gary fullett> and 296 area
<gary fullett> see this range?
<lmarsh> y
<Guest>
<gary fullett> we tested the range several days ago
<gary fullett> where we should have seen demand
<gary fullett> and look what happened when the market went to support
<gary fullett> and demand was evident
<gary fullett> a 10 dollar rally
<lmarsh> yep
<gary fullett> so to me
<gary fullett> demadn is eveident in gold but hasnt maintained it much
<gary fullett> when it has had it
<gary fullett> so as amos said we can go higher here but we need more constrructive days
<wyatt> todays volume on the 60 min chart appears heavy, more than 6/2 , to me
<gary fullett> though the count is getting larger
<gary fullett> and the market is building cause
<gary fullett> yes it was wyatt
<gary fullett> good observation
<wyatt> if one is long that is what you wany yo see ?
<gary fullett> a rally to new highs
<gary fullett> if the market fails from here
<gary fullett> that is fine because it went to the top of the range
<gary fullett> but the pullback should be on light volume
<gary fullett> indicating lack of supply
<gary fullett> it can break and still be very bullish
<gary fullett> you dont know anyone long wyatt do u?
<gary fullett> questions
<gary fullett> on daIly gold
<wyatt> :)
<gary fullett> questions?
<gary fullett> weekly gold
<gary fullett> this market on the weekly
<gary fullett> is approaching resitance as well
<gary fullett> but is holding well
<gary fullett> volume
<gary fullett> 4 weeks ago
<gary fullett> was haevy
<gary fullett> and the market rallied
<gary fullett> to me this is demand on the weekly chart
<gary fullett> do u see this on the chart?
<lmarsh> y
<gary fullett> see the heavier volume on that wekely chart>?
User [gtb] left forum on Wed Jun 28 21:49:25 EDT 2000
<wyatt> y
<Guest>
<amos>
<Capt> y
<gary fullett> questions on gold?
<gary fullett> does this make sense?
<lmarsh> last 8 weeks very large
<gary fullett> wehavent broken out of this range yet
<gary fullett> and we are at the top of the range
<lmarsh> y
<gary fullett> but it looks constructive
<wyatt> i also see a retest of the JOC on light volume on the wk chart
<gary fullett> yep
<gary fullett> 2 things can happen
<wyatt> what do you call
<gary fullett> a retest to support on light volume
<gary fullett> or a rally
<wyatt> the volume on the 1 st retest on 12/10?
<gary fullett> to the 300 range and then se what happens
<mrj> range from 5-26 to 6-9 was 292.50 to 269.50---from 6-16 to 6-28 range 292.50 to 282.70 so, it looks like we have a higher low for our range
<gary fullett> that is true mr j
<mrj> ok
<gary fullett> I am not sure of your question wyatt?
<gary fullett> the market had a sharp arlly
<gary fullett> and broke
<gary fullett> then a retest
<gary fullett> and failed
<wyatt> would you define it as support or demand?
<gary fullett> but developed a range
<gary fullett> yes I would
<wyatt> supply/...sorry
<wyatt> k
<gary fullett> questions on gold?
<gary fullett> okay
<gary fullett> when u watch a amrket
<wyatt> thanks
<gary fullett> market
<gary fullett> U must
<gary fullett> watch for strenghth and weaknesses
<gary fullett> at area
<gary fullett> that u have support or resisatnce
<gary fullett> if the market breaks to support
<gary fullett> it should react off it
<gary fullett> sharply to show demand
<gary fullett> if the market doesnt
<gary fullett> react well from support
<gary fullett> the rally will be suspect
<gary fullett> just because a market goes to support
<gary fullett> it is one thing to buy it
<gary fullett> but u must watch
<gary fullett> the reaction
<gary fullett> from that support
<gary fullett> so it is the quality of rally from support
<gary fullett> not just that is goes to support
<gary fullett> do u understand this
<gary fullett> and vice versa for resisatnce
<Capt> This was painful..these charts are much harder to read..numbers to small to ready
User [frank /63.160.52.163] joined forum on Wed Jun 28 22:00:40 EDT 2000
<mrj> hey frank
<lmarsh> yes, if reaction is not with good voume & price action,.....be suspisious(spell)
<lmarsh> hey frank
<frank> hey mr j, marsh, hope every one is well today.
<gary fullett> I will try to enlarge capt sorry
<Capt> please do the old charst were easy to follow along with
<gary fullett> I hope u understand what I said about stenghth an weakness
<gary fullett> these are the same charts capt
<amos> Please keep watching the beans--today's action was very interesting. It had a vigorous rally
<gary fullett> but I may have messsed up
<Capt> I do and will print out charts that will make it clearer
<gary fullett> amos can u commnet on beans?
<Capt> Yea
<gary fullett> nove beans did well till the close but..
<gary fullett> amos can u comment on the grains?
<amos> and even on the close refused to go negative. This can be a strong rally if we take out 4.89
<amos> and this may qualify as a semi AR.
<gary fullett> seems like they sold the July nov spread today
<gary fullett> lost 10 cents
<Capt> It was a Wyckoff thing till the end
<amos> The weekly spread chart showed clear double top at 23!!!
<lmarsh>
<Guest>
<lmarsh> can't get the weekly spread chart,....but the daily definetly has turned ,..around 20 point drop. Good point
<lmarsh>
<mrj> good night everyone
User [mrj] left forum on Wed Jun 28 22:10:19 EDT 2000
<lmarsh> nite mrj, good luck
<wyatt> nite mrj
<gary fullett> also
<gary fullett> the july delieveries
<gary fullett> will be on Friday
<gary fullett> amos do u think this will affect the market amos delievery for july delievery?
<Capt> explain deliveries please
<amos> First notice day is tomorrow and since there was no "squeeze"--we are kicking longs out.
<amos> Start of July, and next quarter-is a new ball game.
<amos> The stock market, quarterly chart is definitely in the middle of a large range.... any thing can happen.
<lmarsh> true
<gary fullett> delieveries friday morning
<gary fullett> so u can liq tomorrow
<gary fullett> and not be delievered on
<Capt> Now I know what you mean
<gary fullett> great
<gary fullett> I will discuss the grains in detail tomorrow with the charts I sent
<gary fullett> I want to do this it is because of the deliveries on friday
<gary fullett> and we can discuss the chart with more detail
<Capt> make em bigger!
<gary fullett> Yes
<lmarsh> lol
<gary fullett> will try
<Capt> Thanks in advance
<Guest>
<gary fullett> I will ask kelly
<gary fullett> pound
<gary fullett> the market broke
<gary fullett> to the lows mid may
<gary fullett> this action seemed to mme to be cliamtic
<gary fullett> then the AR
<gary fullett> and now the market
<gary fullett> is developing a range
<gary fullett> we are now in that range now
<gary fullett> and the amrket is close to breaking abobe that resistance line
<gary fullett> and if it does this it can retest the 15300 area
<gary fullett> see this?
<Capt> y
<gary fullett> the range is getting tighter like it was in OJ
<gary fullett> and it will need to be resolved
<gary fullett> tomorrow will be critical
<wyatt> y
<gary fullett> if it fails from here
User [Guest] left forum on Wed Jun 28 22:22:30 EDT 2000
<lmarsh> brb
<gary fullett> the market will retest 14900
<gary fullett> above this
<gary fullett> the market can get to the 153 area
<gary fullett> top of that range?
<gary fullett> if the market rallies tomorow it shuld be on good price action
<gary fullett> and good volume
<gary fullett> indicating demand
<Capt> The volume was less at the Ac than now.. any meaning to this
<gary fullett> see this range I speak of?
<wyatt> y
<Capt> y
<gary fullett> this is the sept contract
<gary fullett> so at that time june was still lead month so the volume isnt accuarte
<Capt> ok
<gary fullett> but volume has been decrasing recently
<Capt> see that
<gary fullett> great
<gary fullett> any questions?
<gary fullett> about anything tonight?
<gary fullett> grains will be discussed tomorrrow
<gary fullett> any wyckoff questions
<gary fullett> or market comments
<gary fullett> okay great
<gary fullett> then I will call it a night tonight
<gary fullett> and we can go get em tomorrow
<Capt> see ya
<lmarsh> back
<gary fullett> so have a grwat night all
<gary fullett> see you tomorrow
User [Capt] left forum on Wed Jun 28 22:27:45 EDT 2000
User [gary fullett] left forum on Wed Jun 28 22:27:50 EDT 2000