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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: marginmike who wrote (5498)	12/7/2000 1:11:07 AM
From: J.T.	Read Replies (1) \| Respond to of 19219

mike, Rydex sentiment is very Bullish - and this contrary indicator is exactly why it is so negative. After a one day melt-up from nearly breaking supports the day before you got the short fund ursa total assets hitting new lows. This sucker should be hitting new lows near or after SPX 500 is hitting new highs. And double your pain long funds double in total asstes to hit NEW HIGHS when we are way off SPX and NDX new highs. These numbers from Tuesday December 5th after the close: SPX Short- URSA 224.0 Million(new low) SPX Long - TITAN 124.8 Million(new high) SPX Short- TEMPEST 21.1 Million NDX Long - VELOCITY 177.6 Million**(new high) NDX Short- VENTURE 20.9 Million Markets must by definition turn when the mass public is looking for a continuation of a long existing(upward bullish) trend. And we are seeing a small sampling of the mass public vote every day in rydex. Look at all those people who went long yesterday thinking they missed the beginning of the monster rally. Not only do they miss out on 50 points upside (in SPX) but now they are down 25 points today. A complete snuff job. The road to disaster is paved with people who think they can squeeze out the last drops of market gains out of a supposed perpetual Bull market and think they are smart enough to exit "just in time". I look at the day after Thanksgiving and yesterdays one day rallies that get wiped out and can maintain no back to back momentum. I feel like sh!t after giving up half of my gains from the biggest one day gain in the SPX for the year. And if I feel like this - these johnny come late-ly's must feel like absolute clowns and have total disdain for this market. They are dropping like flies imho. Until sentiment numbers get more Bearish, it will be extremely difficult for me to get long. BKX dead dog rollover act confirms it and now watch this slithering snake UTIL follow in BKX downward path. More on UTIL in rydex update. Best regards, J.T.