Les, i am not aware of the re-weighting of the nasdaq, and as far as the parabolics, well parabolics are ending moves they all end some time.
I am actually glad that so many people are disagreeing with me and see the softie deal a buying opp -gg-
It's taken me a long time to trust my indicators and go against the crowd, the problem is to recognize when the critical mass has jumped on the emerging trend that you have recognized and the trend is over. I guess when i posted that value line chart around october 20th with the two big contrary indicators on it and then a guy name soros asks me when the crash is going to start i should have recognized that we would have a mega rally off that bottom -g-
One count gives this the completion of the countertrend rally off the october lows, my alternate count is that this is the completion of wave 1 up of a five wave move that will take us toward spx 1500 something.
It this is a countertrend rally we should see a gap down in the futures monday that will abandon friday's nasdaq doji against the Larry, Moe and Curly trendline and we should do a weekly bearish engulfing into expiry and a bounce off dow 10,000 area (#3), then have a countertrend rally into Thanksgiving where all the ma and pa speculators will be clicking on their favorite net stocks while they are off on vacation, then December the Santa Claus rally will be in the wrong direction, taking a Gann #4 stab at breaking 10,000.
This is my preferred count, but if i see something different, i'll flip my beanie and be back on the long side lickety - split.
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