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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: JRI who wrote (20776)	7/17/2001 8:01:14 PM
From: Zeev Hed	Respond to of 30051

JRI, these two indicators concern me as well, but I have not followed the Rydex numbers (not part of the turnips soup), and i do not know what their historical significance is. As for the oversold conditions, major bottoms are associated often with many weeks of oversold conditions, we have not even two weeks here. On the other hand, you see a lot of optimism out there as indicated by options players, commentators and other sentiments indicators. We could extend the time of this "trading range" (which I believe to be a massive distribution ploy) for longer than I expect, but the longer this game is played, IMTO, the sharper will be the following decline. I think that a massive bear needs capitulation in a "grand way, like we had in late May of last year, before a major move up can start. We have not had that even in the late March early April lows. Of course I can point to volume, paucity of expansion of new highs, expansion of new lows etc., but why bore everyone? Zeev

To: JRI who wrote (20776)	7/17/2001 9:15:04 PM
From: pressboxjr	Respond to of 30051

Weekly stochastics on both Dow and Naz are largely oversold. Dow greatly so. JRI, not sure what chart you are looking at, but I don't show the Dow or Nas as largely oversold on the weekly. I show both as about half way down. I guess it depends on what formula you are using. Take care JR