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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (12502)6/5/2002 10:47:45 AM
From: J.T.  Read Replies (3) of 19219
 
Sentiment continues to be buried in muck with Rydex at oversold levels, Consensus back down to 25% Bulls from 27% last week Market Vane buried near 20% Bulls. These numbers have been consistently in the 20's and continue to push the lower limits of THE BOTTOM into September 21, 2001.

Investors Intelligence continues to diverge as with the new reading 53% Bulls and 29% Bears. I believe this indicator will get tossed in the dust bin as a reliable indicator on the Melt-Up as the newsletter writers, like myself, continue to wait and refuse to sell or issue sell signal tossing in the towel.

So far, II continues to be correct TODAY in the here and now as the lower broad market bears it out.

As the recovery gains traction and confidence turns into belief we are on the rebound, buying panic in the market will erupt the launch fueled by the short squeeze.

Best Regards, J.T.
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