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Non-Tech : The Woodshed
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To: TheSlowLane who wrote (6067)5/6/2004 12:34:02 PM
From: crustyoldprospector  Read Replies (2) of 60927
 
IMO the best way to play USPIX is to look at weekly charts and average in over a few weeks, and not get too cute.

Slow sto's on NDX have come a way off bottom on the daily, while NDX has basically gone nowhere. I think that is an indication of the weakness. As AJ points out on his board, lots of bear flags forming out there. Richard Russell points to accelerating decline in the trend of highs:lows on the NYSE while the indicies remain elevated, showing rot from below. IMO, all of this indicates there is a good chance the markets will fail here in a big way (big decline, maybe even a crash?).

Just like a lot of traditional topping measures didn't work on the way up this bear market rally, a lot of traditional bottom indicators likely will fail on the way down. NDX may not be anywhere near bottom, AFAIK.

crusty
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