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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: At_The_Ask who wrote (30060)	2/2/2002 10:03:35 AM
From: AllansAlias	Read Replies (3) \| Respond to of 209892

I'd love to see one more downleg that would finally put a scare into folks. What we have had off the Jan high has been shallow and orderly. From a bullish perspective, the market absorbed all the earning's news, and Enron and K-Mart, with nothing more than a bend in the trend. The underlying fight is about recovery. The bears are looking for a double-dip and the bulls see us turning the corner. The Enron situation has brought confidence to the front burner for the first time in this bear market. It is the sort of thing that can provoke a sustained decline far more than a single terrible news event such as 9/11. Confidence is everything. If we can put in another downleg to go with the decline we have seen into last week, then we may have the conditions for a very nice rally. Right now, it just ain't there outside of being able to squeeze some bears. I can make an Elliott case for us going up from here, but with sentiment where it is, I don't accept it as a decent possibility.