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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: nspolar who wrote (25843)	1/17/2003 10:33:41 PM
From: bobby beara	Read Replies (3) \| Respond to of 36161

I think the gen market has had a major failure and is starting a major wave down. <<<<< well i've posted the sideways move in the indexes over that last month or so and asked if this was a base or a consolidation in a downtrend, i don't know, i still don't know, i do believe we are in a secular bear market, but am not convinced that has to go straight down, like the 30's. polar bear my favorite trend following indicator is the summation index and it turned down today and that huge gap in nasdaq looks pretty ugly stockcharts.com looking at the rise in the summation index from the july lows, there is the potential that the market has relieved itself of the huge oversold condition and the huge level of bearish sentiment in july and october and now the market is set-up for a directional downtrend, my only problem with this is that so many traders are now on to shorting, they are as opportunistic as people who want to buy into the rallies, everytime the market turns down the shorts pile on in soize. that's why i think we will probably just churn sideways for a while longer, even though the charts look like they are setting up a triangle which should move directionally, it's most evident in the GE chart and the NYSE chart.