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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 685.66

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Dec 5 4:00 PM EST

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To: Joseph Beltran who wrote (8138)	10/29/1996 6:16:00 PM
From: bobferg	of 68672

Hello Joseph: I'm not too concerned when the Nasdaq and the majors (Dow/SP/XMI) diverge, I consider it normal group rotation. When one group gets overbought, the others come up on "value screens, deserving this blah blah multiple in relation to the market multiple". You've heard/read this in the financial press. At this time last year the Nasdaq stayed in a four month trading range while the majors were in a solid bull upleg. What does concern me is the trannies and Russell 2000 not joining the party. Not so much the Russell 2000, it would be the last to run. But the transports just traded back into a bear wedge pattern and even with crude/fuel down today they looked sick. We need to see some market leadership from some quarter and soon because 1 3/4 up days in bonds don't happen often. Did you or anyone else notice any strong groups today? bob

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