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Strategies & Market Trends : Classic TA Workplace

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To: skinowski who wrote (29594)	1/29/2002 10:38:11 PM
From: Shack	Read Replies (2) of 209892

I agree with you skinowski. I have a count which I am tracking which has the entire move since Dec 5 as a giant 'b' or '2' correction. I don't know if it ended on Jan 22 though, in fact I doubt it (we haven't even retraced 38% of the Sept rally yet after all). Although it is interesting that the decline off the tech high of Jan 24 looks corrective (especially in the SOX). My best guess is that tech is forming a flat here since Jan 22. As for sentiment, it doesn't take long to swing as we saw in that VIX move today. I do think we are building towards a meaningful low here with the AAII at 30% bulls and Rydex screaming bearish (although like I said in earlier posts, I do not like Rydex as a precise market timing tool). I am fully prepared to go long if the action dictates it. As much as it makes my gut wrench! I don't think its quite yet though.

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