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Strategies & Market Trends : Galapagos Islands
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To: Jorj X Mckie who wrote (41070)6/2/2003 2:21:29 AM
From: stevenallen  Read Replies (1) of 57110
 
Saw this P&F commentary posted on Tom's site, wondered what you might think about it -

from Chip Anderson:

Last week was a huge up week for the markets with the Nasdaq scoring five straight days of impressive gains. "Is the bear market dead?" is the question on everyone's mind right now. There is a growing body of technical evidence to suggest that it is. Both John Murphy and Richard Rhodes have articles that explore this question in more detail later in this newsletter.
I must take a second to acknowledge a message that I received from Paul Rabbitt of RabbittAnalytics.com last Saturday that proclaimed quite loudly that the Bear Market was indeed over. At the time I thought that Paul was being very bold by making such an absolute statement however I respect Paul's judgement tremendously - after all he is the guy behind the Rabbitt Q-Rank indicator. While it may still be too early to know for sure, last week's price action certainly lent support to Paul's call.

Another extremely bullish development is happening on the Nasdaq's Point and Figure chart. Right now, the index is only 5 points away from challenging the long-term downtrend line that many people (myself included) take to represent the current bear market.

If the Nasdaq moves over 1600 this week, the P&F trendline will be broken. A move over 1650 will break it decisively and establish a new P&F uptrend.
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