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From: Rarebird	5/4/2008 7:57:49 PM
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Transcendental Market Fragments: The Market: The series of overlapping rallies and quick, sharp declines has formed a pattern of higher highs and higher lows, but has yet to show any real signs of strength in breadth, accumulation or price. This indicates shares are being unloaded on rallies. Friday's rally was a good example of this. Traders sent the market soaring on the drop in unemployment. Cooler heads who can read sold the rally and the market closed very nearly at the lows of the day. Since the intermediate term trend still points down, surprises are still likely to occur on the downside. Volume has been light on the rally, which is a non-confirmation of its strength. The broad market continues to lag badly, a sign that the bear market is far from over: NDX: The Nasdaq-100 has been strong recently as export sales have held up better than the rest of the market. However, a top is imminent and the index is likely to continue to hold up, but only relative to the market. In other words, it should fall, but slower than the rest. Bottom Line: The Time Frame has arrived for the downturn to begin. PS If there were ever a reason not to trust this market, the Russell 2000 small stocks are showing it.

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