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Strategies & Market Trends : Moufassa's Lair

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To: Victor Lazlo who wrote (4704)	2/8/2002 6:48:15 AM
From: moufassa7	Read Replies (2) of 13660

The NAZ closed lower for the 5th consecutive session yesterday. The last date that happened was the September low of 9/21. There are two significant differences now. First, the 9/21 decline resulted in very oversold RSI readings because it came after a 4 month decline, today we have declined for only 1 month. Secondly, on 9/21 the market bottomed early afternoon and had a nice end of day rally while yesterday we closed at the LOD. My conclusion is that this decline is not over yet. We are are due for a short term bounce, but I do not think the bottom of this move has yet arrived. Just my opinion. Time will tell.

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