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

To: t2 who wrote (12383)	5/21/2002 11:12:43 PM
From: bobby beara	Read Replies (1) \| Respond to of 19219

I noticed that Rydex short funds saw increases on Monday. Can't wait to see JT's update for this evening.<< yes, but it's hard to bet bullish in this downtrend since the jan top, until they get really bonkers. march 11th was the top of a countertrend rally, it was pretty convincing, huge volume, huge breadth, but it farked the bulls, from there, i'm looking for a five wave down count, and it's not conclusive, we have what looks like an ABC rally into the top last week and will get five waves down now. but the crowd is getting pretty bearish, the rally off the 7th bottom shook the tree and bounced out a few, maybe that was enough for a fresh down leg. there are a lot of indicators that say we had a really good bottom on may 7th, like the rydex ratios, plus we had a 2nd 10 day 1.5 trin in a few weeks, the one missing thing for me was one (better 2 or 3) days of cboe p/c ratios above 1. the news media is pumping the terrorist angle right now, and the market is selling it. unless it comes true (it's lottery odds that the news media can predict this kind of event) the market will bounce this sentiment, and trap the bears.