Jorj, I think you are right to be worried from the shape of that chart, I know I have become very Jewish Friday (worried I mean) and moved to a quite high cash position. Unless we get a good 100 Naz points here fast, the scenario of the spring rally will be negated. Namely, we will be setting ourselves (maybe after a run to just around the January highs) for a major catastrophe, earlier than the late May/early June I had in the original scenario. That is part of being wrong on my part. Next week will be critical, a retrenchment, contained to 1830, probably means that we go back up and resume the "spring rally", continuation of that madness (with the semi at 100% plus <g>above their 10 DMA, since they went out at 99%, and maybe the 25 DMA going above 99%?) will result, IMTO, in a worst madness later. Be worried, even if you are not "Jewish" (VBG).
Zeev |
