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To: JRI who wrote (855)	4/25/2001 12:37:53 PM
From: pater tenebrarum	Respond to of 209892

that is why i think it's a mistake to exclusively concentrate on the NAZ. as mentioned yesterday, the total market index Wilshire 5000 can be seen as having completed an irregular flat, with the April low representing the bottom of the B, and the action since the C, with the decline from the C's top having begun at the open of April 20. also, if one looks at all the sector sub indices, a lot more bearish interpretations suggest themselves. same goes for the equal weighted indices like the VL geometric...that one strikes me as particularly dangerous looking. BUT it may also not have completed the corrective in its entirety. unfortunately there is little by way of clues from the sentiment indicators, which are all sort of middling about...no extremes can be observed, with one very notable exception: the VIX...it is strengthening again today, in an up market. this is a VERY troublesome sign, as is the big decline in put volume in index options (comparing current put volume to that of the past two weeks).