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Strategies & Market Trends : CFZ E-Wiggle Workspace -- Ignore unavailable to you. Want to Upgrade?

To: bcrafty who wrote (671)	3/13/2003 8:43:20 AM
From: skinowski	Read Replies (2) \| Respond to of 41419

I don’t have any “favorite” DOW count taped to my computer – but longer term, as well as in terms of weeks to months I am bearish. We seem to be still not any place close to the end of the first large decline of this bear market. The action in INDU since last summer in the scheme of things is a low-level consolidation. It was unable to break above 9000 in any meaningful way. The rallies are structured more like “threes” and the declines seem to look more like impulses, which would be bearish. Also, the DOW closed below a 78.6% retrace of the October rally, which is a negative for bulls. The “real life” problems, like debt, the high prices of real estate, etc. remain unresolved… The decline of 1929-32 produced the Great Depression – I’m not happy about it, but I doubt that we’ll get away with a minor hiccup of a shallow recession.