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Pastimes : The Philosophical Porch

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From: Rarebird	9/5/2007 9:06:52 AM
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Transcendental Market Fragments: USD/JPY: The Yen-carry trade is alive and well. Yesterday's rally in stocks paralleled the drop in the Yen, a rise in the USD (USD/JPY). Nasdaq 100 (NDX): This index has been under money flow accumulation until recently. If the relative strength ratio of the NDX to the SPX turns down, it would be a strong indicator that a decline is coming, potentially a wave C down within a contracting triangle formation. Russell 2000: Yesterday's rally carried the Russell near the upper trading band and near prior tops, which may present a triple-top formation. Bottom Line: The Russell 2000 is the weakest index and warrants serious consideration to sell short with a trailing buy stop.

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