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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject8/3/2001 2:15:51 PM
From: besttrader   of 37746
 
For bulls there has not been much reason for excitement. The market is stuck in narrow trading range and volume is obscenely low. Bulls are already trying to "spin" this to mean that the decline lacks conviction but we also could have made that argument about the most recent rally. What is most important is the fact that bulls have been unwilling to add long positions and that means the path of least resistance is lower. We suppose we cannot rule out a late rally but that is beginning to look more doubtful all of the time. If we had to bet it would be that the NASDAQ will break the 2,055 level soon and proceed toward the 2,040 level. The SPX has a nice bear flag in place. A decline through 1,207 should set-up a move back to 1,200.
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