I hear ya, t-p. However, what if the last Bradley turn was not the 2nd, but the 31st or 1st... and we've closed higher every day since then? Also, if the Bradley simply says "change in trend on this day for a few days or more" then it could mean anything. I admit I can't use the Bradley effectively, but when a turn day hits any of my other cycles or at key support/resistance then I take notice. if we drop to 850 S+P area today or Monday... I might be inclined to agree with a low then turning up. That said, today could mark a high with a change in direction down. Etc.
I watch the BKX a lot. It really hasn't been terribly weak lately. On Monday, we've got a bunch of financials reporting: BAC, C, FNM, FleetBoston and a few more, many before the open. I suspect that we gain some direction from them. I have no idea what direction that will be. On the weekly, the BKX hit the 50 WMA this week at the high. The last time it did that marked the top in January. It's not always so clear, of course, but if we are gonna do any sort of challenge to the recent lows, let alone October lows, I think the banks will be the leaders.
the freep |
