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Non-Tech : The Woodshed

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To: nspolar who started this subject	5/5/2004 9:00:55 PM
From: crustyoldprospector	Read Replies (1) of 60919

from Lance Lewis tonight, by permission: "As has been the trend for several weeks now, new lows outnumber new highs (135 to 56) on the NYSE again today. The March 2004 lows in equities still loom, and if those are taken out (which I think they will be on the next leg down), the rest of the market will follow the HUI, which quickly collapsed when it took out those same March lows. Remember how many characterized the HUI as being “in a trading range” from January to March? (until it collapsed). We’re now hearing the same thing about the S&Ps and NASDAQ after repeated attempts to move higher have failed. Like we saw in the HUI before it cracked, more and more stocks in the broader market continue to break down, as the market in general moves lower (as evidenced by the falling A/D line and rising new lows) even as the indexes seem to magically float sideways. The bear sandwich of rising interest rates and the slowdown in China continues to apply pressure, and eventually the March 2004 lows in equities will give way and provide us with the same “shock and awe” that the golds did last month." dailymarketsummary.com

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