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

To: John Madarasz who wrote (77802)	7/22/2003 11:18:23 PM
From: bcrafty	Read Replies (1) \| Respond to of 209892

John, thanks for the article and chart Objective traders always have to look at both sides of the coin to determine which side of the fence to be on, and I see that you're doing just that with the recent posts about the short specialist ratios and the inverse H&S chart. About the BKX, I agree with your take on the Gann retracement and the odds of it going higher, as right now it's only 80 points below its ATH of 1/5/01. Aaron Task in his article tonight at the street.com quotes analyst Scott Bleier as saying "The BKX has become the institutional proxy for the market . . . . as long as it remains strong, I don't expect the market to have any real danger . . . ." Although his comment is certainly very general, it still makes a good deal of sense when thinking about it from the perspective of the big boys and how they are positioned: stock/institutional ownership percentage C 65% JPM 67% ONE 64% BAC 61% AXP 76%