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To: Box-By-The-Riviera™ who wrote (146002)	1/24/2002 7:59:53 PM
From: sun-tzu	Respond to of 436258

swenlin...1/24/02 The market was up from the open, anticipating that Chairman Greenspan's remarks would prove more encouraging than the "significant risk" bomb earlier this month. His remarks were essentially the same but with some new happy rap sprinkled throughout like garnish. As in cooking, presentation is important. Greenspan also said that his previous remarks were intended to warn the markets that things weren't nearly as good as recently soaring prices seemed to imply. This part of his remarks didn't get much coverage. All the major averages have broken above the declining tops line drawn from the January top, and the Nasdaq is back above the trading range support it violated on Tuesday. The problem with the Nasdaq up move today was that it gapped up, and gaps are normally filled sooner than later. Whatever is left of this bounce, it will get our short-term indicators more overbought, and this argues against the initiation of a new intermediate-term up trend; however, ITBMs are beginning to bottom (the SPX ITBM today), so I'm keeping an open mind that it is possible for the 20-Week Cycle low to sneak in early. If the market suddenly blasts off I'll be closing our SELL Signal if the S&P closes above 1180. --Carl Swenlin