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Strategies & Market Trends : Ask DrBob
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From: Drbob5127/8/2008 11:41:54 AM
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Thus far the internals are mixed to slightly positive, as the Nasdaq a/d and u/d vol are about 4/3 while the a/d for the NYSE is slightly negative though its been improving the past hour, and its u/d vol is almost flat, on moderately light volume. The risk remains to the downside as there has been no capitulation/selling climax, nor a double bottom retest as the Spx has just made a new recent low, and may need to either make a lower low in the next 1-2 weeks followed by a test of it, or a true capitulation. The VIX has spiked and nearing a level where the market sometimes can bottom but it could easily go higher first and probably will. For the past month and a half, every rally has gotten sold, which will not last forever but could last days or weeks more until we get one of the two aforementioned scenarios.

drbob
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