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Strategies & Market Trends : Ask DrBob

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From: Drbob512	7/24/2008 12:53:09 PM
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Big question is whether the Spx will need to test (with another downdraft) the 1200ish area for a double bottom in order to finally get the selling pressure done, leading to a bona fide multi-month rally, or whether any pullback now will be contained and followed by higher lows. Since we have not seen a selling climax nor a double bottom, it is harder to tell if that bottom last week at 1200 level is indeed a tradeable bottom. Bottoms don't have to be signalled by a selling climax/capitulation or a successful double bottom retest, but those are good signals. Crude oil may be in a bottoming formation near 120-125/bbl. Next few days could signal the answer. The secular bull market in crude oil is intact and the demand globally continues to be stronger than supply/production. drbob

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